Iran is trying to find ways to introduce a legal framework for cryptocurrencies, while Bitcoin [BTC] mining remains under embargo within the country.
Within the cabinet’s Economic Coordination committee meeting earlier on Tuesday, Iranian President Hassan Rouhani emphasized the necessity to legalize cryptocurrency activities to preserve and secure national interests.
Rouhani outlined that the country must concentrate on the legal and technical requirements regarding cryptocurrencies and other digital assets.
While noting the risks of cryptocurrency trading, Rouhani stressed that people’s awareness within this field is important to avoid unprofessional entries:
“For legalizing the activity of cryptocurrencies and protecting people’s capital within this area, we must consider an answer as soon as possible and lay down and communicate the required laws and directions.
Rouhani involved a joint study between different parties to determine a legal framework for cryptocurrencies.
“The responsible agencies within the field of capital markets should cooperate with the media and cyberspace in the field of data, education, and public awareness regarding this phenomenon and its instructions and laws,” he outlined.
He also clarified that cryptocurrency mining remains prohibited until the end of summer, “and the Ministries of Communication and Information Technology and Energy are liable for isolating power to those centers.”
Last month, the country’s ministry of energy revealed that cryptocurrency mining with household electricity isn’t legal and, thus, home miners will need to pay heavy fines if discovered.
To meet the requirements of increased domestic electric consumption during the recent summers within the country, Iran recently put a nationwide ban on cryptocurrency mining until September.