The president of Iran calls for legal framework for crypto trading

Iran is looking to introduce a legal framework for cryptocurrencies, while Bitcoin mining remains under embargo in the country.

The president of Iran calls for legal framework for crypto trading

In the cabinet’s Economic Coordination Board meeting on Tuesday, President Hassan Rouhani emphasized the need to legalize cryptocurrency activities to preserve and protect national interests.

Rouhani said that the country must pay attention towards the legal and technical requirements regarding cryptocurrencies.

Noting the risks of cryptocurrency trading, Rouhani stressed that people’s awareness in this field is necessary to avoid unprofessional entries:

“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.”

Rouhani called for a joint study between different parties to establish a legal cryptocurrencies framework. 

“The responsible agencies in the field of capital markets should cooperate with the media and cyberspace in the field of information, education, and public awareness about this phenomenon and its instructions and laws,” he said.

However, the president clarified that crypto mining is still prohibited until the end of summer and the Ministries of Communication and Information Technology and Energy are responsible for cutting off power to these centres.

The country’s ministry of energy announced that crypto mining with household electricity is not legal and, thus, home miners will have to pay heavy fines if discovered. 

In order to meet the needs of increased domestic electric consumption during the hot summers, Iran recently put a nationwide ban on crypto mining until September.