April 17, 2021

Iranian President instructs the government to develop a mining industry development plan

Iranian President instructs the government to develop a mining industry development plan

At the 137th meeting of the Department of EconomicIran’s coordination, President Hassan Rouhani instructed representatives of the central bank and the Ministry of Energy, Communications and Information Technology to draw up a plan for a national strategy for the development of the mining industry.

The decree of the head of state followed a recent government decision that the circulation of cryptocurrencies should be equated to the exchange of foreign currency and regulated according to the same rules.

To combat hyperinflation, the country's authorities also previously announced denominations of the local rial.

So far, there is no information about the details of the future.development strategies, but today in Iran more than 1000 licenses have been issued for organizing a cryptocurrency mining business, since this industry was included in the list of industrial activities in July 2019, immediately after its legalization.

In addition, at the end of last year, Hassan Rouhani proposed creating a digital currency for Muslim countries in order to use it for mutual settlements and trade instead of the US dollar.

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