Iranian government issues over 1000 cryptocurrency mining licenses

Since the second half of 2019, the Iranian Ministry of Industry has issued more than 1,000 production licensescryptocurrencies. At the same time, industry growth is constrained by high electricity tariffs.

Amir Hossein Saidi Naeini, representative of ICT GuildOrganization, spoke about the state of the country’s cryptocurrency industry. In an interview with Ibena, he said that cryptocurrency mining — it is a new industry that is attracting many in Iran. He noted that miners must obtain a license to operate and said:

“The Ministry of Industry has issued over 1,000 cryptocurrency mining licenses in the country. Our research shows that the cryptocurrency mining industry can bring the economy $ 8.5 billion. ”

Amir Naeyni believes that the cryptocurrency industryable to help Iran's economy. However, he explained that the high cost of electricity is a serious problem for cryptocurrency miners. Although “a number of large companies” were created, an ICT Guild Organization representative noted:

“High electricity tariffs plus strict regulation have made the sector less attractive to small investors.”

He suggested that “the working conditions in thisindustries should not be such that only large companies enter the cryptocurrency mining market, and all miners should be able to work. ” He emphasized that changing electricity tariffs could stimulate the mining industry to generate more revenue.

The Iranian government has officially equated miningto industries in July 2019 after months of discussions. Before starting work, mining companies must obtain a license from the Ministry of Industry.

In addition, last summer it was reported thatIranian miners could lose government electricity subsidies, and in June Iranian authorities confiscated about 1,000 Bitcoin mining devices. Let us also recall that in November the Iranian authorities announced that they were ready to pay a reward for providing information about illegal mining in the country.

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