Cryptomonade Mining as a Recognized Industry in Iran

Iran officially recognizes the cryptomonas mines as an industry within its borders.

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According to the Iranian Government’s Chamber of Commerce, Mining and Agriculture, an economic commission approved this activity on Sunday. The government is currently seeking ways to regulate this activity within its existing legal structure.

“A digital coin mechanism has been approved by the government’s economic commission and will then be discussed at a cabinet meeting,

Iranian Central Bank Governor Abdolnaser Hemmati said.

The mining of cryptomonas as industry

Similarly, Deputy Energy Minister Homayun Haeri said that government ministers will also vote on the price of electricity for mining farms.

The Iranian government has been unsure about the approval of the cripto mining industry. Last month, for example, two mines were closed by the authorities.

Haeri was also quoted in the past saying that the government should not subsidize electricity for cripto farms.

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An attractive location for miners

The price of electricity in Iran is low, making the country an attractive location for mining farms.
Approval of this activity is a positive signal, but cryptomonas are not accepted as a payment method in this country.

The central bank has recommended restricting the use of cryptomonas at the end of January, although cripto industry representatives are opposed to such a ban.

Two Iranian citizens were placed on the list of sanctions by the US State Department for State Assets of Foreign Control (OFAC) for cryptomonas activities.

Last year, OFAC sanctioned Ali Khorashadizadeh and Mohammad Ghorbaniyan for their alleged roles in facilitating cryptomonade payments for SamSam ransomware.

While Ghorbaniyan admitted that he facilitates these payments, he claimed he did not know where the funds came from.