A crypto literate Iran?
It may just be coming down the pipeline soon.
According to reports, The Iranian National Tax Administration (INTA) aims to legalize cryptocurrency exchanges in accordance with President Hassan Rouhani’s goals to crate a legal framework for crypto investment.
Regulation which some point out is desperately needed due to mining related power outages in the country……
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Aside from the obvious addition to global adoption, there is another major takeaway here.
The United States levies crushing sanctions on Iran, and this is a major point of contention between the two nations.
Legal crypto could be a way around these sanctions—something which is wonderful for the average person. The problem is in the Iranian regime potentially using crypto to fund its extremist proxies—Hezbollah comes to mind here.
Personally, I want everyone to adopt crypto, but given the concerns I just mentioned above, I suspect that The U.S. will try to impose some sort of new sanctions on Iran in response to this.
Here is what we currently know:
Constant power outages, said to be due to crypto mining by IRGC, continue across Iran.
Residents of Qasr-e Shirin, where temps rise above 50°C during the summer, gathered at the governor's office to protest the frequent and lengthy power outages, reportedly over 2 hours daily. pic.twitter.com/j9SL49i8cD
— AVA TODAY (@ava_today) August 11, 2021
Video shows a group of people protesting outside the electricity department in Amol, northern Iran, over the recurrent power outages, and the resulting breakdown of their household electrical appliances.
Crypto mining by the IRGC is blamed for the constant power outages in Iran. pic.twitter.com/3WDXKgt7Hi
— AVA TODAY (@ava_today) August 12, 2021
The proposed legislation was reported by Coin Telegraph:
Two months after Iranian President Hassan Rouhani’s call for a legal framework for crypto trading, INTA reportedly detailed the necessity of legalizing digital asset exchanges in a proposal quoted by the local media.
Reminding Iranian regulators that a legal framework is required for levying taxes, INTA said that the government should only allow authorized exchanges to convert currency while keeping track of transactions.
The tax authority urged to keep the legal framework on the broader side of the spectrum to avoid harsh conditions for crypto exchanges that could cause the proliferation of a black market.
Iran is making progress in legalizing crypto exchanges as the Iranian tax authority pushes to establish a legal framework for the taxation of trading platforms operating in the country. https://t.co/VCFZmEPX4M
— Cointelegraph (@Cointelegraph) August 12, 2021
The country has previously cracked down on crypto mining operations according to Reuters:
Iranian police have seized 7,000 computer miners at an illegal cryptocurrency farm, their largest haul to date of the energy-guzzling machines that have exacerbated power outages in Iran, state media reported on Tuesday.
In late May, Iran banned the mining of cryptocurrencies such as Bitcoin for nearly four months as part of efforts to reduce the incidence of power blackouts blamed by officials on surging electricity demand during the searingly hot and dry summer.
Tehran police chief General Hossein Rahimi said the 7,000 computer miners were seized in an abandoned factory in the west of the capital, the state news agency IRNA reported.
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