Iran is looking for ways to introduce a legal framework for cryptocurrencies while Bitcoin (BTC) mining remains under embargo in the country.
At the meeting of the Cabinet’s Economic Coordination Committee on Tuesday, the Iranian President Hassan Rouhani, stressed the need to legalize cryptocurrency activities in order to safeguard and protect national interests.
Rouhani said the country should be aware of legal and technical requirements related to cryptocurrencies and digital currencies.
By pointing out the risks of cryptocurrency trading, Rouhani emphasized that people’s awareness in this area is necessary to avoid unprofessional entries.:
â ???? In order to legalize the activity of cryptocurrencies and protect people’s capital in this area, we need to find a solution as soon as possible and issue and communicate the necessary laws and instructions.
Rouhani called for a joint study by various parties to create a legal framework for cryptocurrencies. â ???? Capital markets authorities should work with the media and cyberspace to provide information, education and public awareness of this phenomenon and its instructions and laws., He said.
He also made it clear that crypto mining would remain banned until late summer., â ???? and the ministries of communications and information technology and energy are responsible for cutting off power to these centers.
Last month, The country’s Department of Energy announced that crypto mining using household electricity is not legal and therefore local miners pay heavy fines if they are discovered.
To meet the needs of increased household electricity consumption during the hot summers in the country, Iran recently banned cryptocurrency mining across the country until September.