Iranian President calls for developing national crypto mining strategy

Iranian President Hassan Rouhani has ordered the government to develop a renewed national approach toemerging crypto industry.

Rouhani told officials from the Central BankIran (CBI), the Ministry of Energy and the Ministry of Information and Communications Technology that they need to develop a new national strategy for cryptography. This was reported by the Iranian news site ArzDigital.

This news came just two days afterafter the Iranian parliament published a bill proposing to apply the country's strict rules regarding foreign exchange transactions and currency smuggling. The new parliamentary law also requires that cryptocurrency exchanges operating in the country first register with the CBI - perhaps in an attempt to prevent too much capital outflow from the country.

Punishment for smuggling in Iran may include fines and imprisonment.

Just a few months ago, U.S. President Donald Trump’s administration expressed concern that Iranians are using digital assets to circumvent sanctions.

Iran was one of the first countries toCryptocurrency mining was officially recognized as a legitimate industry back in July 2019. The government now issues mining licenses, giving companies the right to mine and then sell any digital assets produced. A January industry report said Iran issued more than 1,000 such licenses in the first six months.

Iran currently has a 4% share of the total Bitcoin hashrate, more than double what it was in early September 2019, according to the Bitcoin Mining Map.

It is unclear why Rouhani wants Iranianofficials have revised the rules for mining bitcoins, limiting the amount of money leaving the country in the form of cryptocurrencies, perhaps the president wants to ensure that miners do not take money from power.

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