Iran legalizes crypto money mining

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Iran legalized crypto money mining.

According to the Mehr Agency, those who want to crypto-money mining will have to obtain a license from the Ministry of Industry, Mining and Trade.

Tehran’s management stressed that crypto-currency traders should accept the current risks, noting that such financial instruments are not under the banking system or state security. According to the decision legalizing crypto currency mining, it is still forbidden to use crypto currencies in local transactions.

In addition, crypto coins will be subject to taxes unless the producers sell their products abroad and bring the income back to Iran, as in other industrial areas.

The incentive programs implemented by the Tehran administration in order to keep the electricity prices low caused the miners from many foreign countries to come to Iran, including China, which used to be the most crypto-currency mining company in the world. According to the International Energy Agency, Iran applied $ 45.1 billion in subsidies to energy prices in 2017.

The price of electricity used by crypto miners in Iran, which has the second cheapest electricity prices in the world, is still calculated as 3 cents per kilowatt hour.

However, after the government includes miners in the scope of industrial activity, the price of electricity they use will also rise. Electricity to be used by the crypto miners is expected to be sold for 7 cents. This level will again mean the same cost level as China, which is one of the most preferred countries because electricity prices are favorable.

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