The President of Iran has asked for a new framework for regulating digital currency in the nation in the latest attempt by the government to regulate crypto industries.
Hassan Rouhani, Iran’s president, said the country needs a legislative framework for cryptocurrencies and associated operations that protects the country’s interests while keeping digital currency mining illegal. When crafting new rules, Rouhani stated that they must consider both the technological and legal needs of cryptocurrencies. Regulators from all around the world are working hard to regulate cryptocurrencies in some way.
Iran’s president claims that steps must be taken to safeguard investors from the dangers of cryptocurrency trading.
Iran’s President Hassan Rouhani called for regulation as soon as possible, saying that reasonable steps are needed to safeguard investors from the hazards of crypto trading. “, he explained: “For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”
He indicated that a collaborative working committee would be needed to create the rules and, more importantly, promote public knowledge of the new regulations.
Iran will continue to prohibit cryptocurrency mining.
According to the president, cryptocurrency mining will be prohibited until at least the end of this summer, with “the Ministries of Communication and Information Technology and Energy…responsible for cutting off power to these centers,” said the president. People found mining bitcoin via household energy connections face substantial fines as part of the measures’ enforcement efforts. The regulations are expected to stay in place for the foreseeable future. The Iranian president had previously said that crypto mining would be prohibited for the next four months owing to the country’s frequent power outages. Regulators and the media have blamed crypto mining for the country’s regular power outages.