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Iran’s President Hassan Rouhani wants to preserve the country’s interests in cryptocurrency.
Iran is exploring methods to establish a legal framework for cryptocurrencies, despite the fact that Bitcoin (BTC) mining is still prohibited in the nation.
During the cabinet’s Economic Coordination Board meeting on Tuesday, Iranian President Hassan Rouhani emphasized the need to legalize cryptocurrency activities to preserve and protect national interests.
Rouhani stated that the Government must pay close attention to the legal and technological issues pertaining to crypto and digital currency.
Noting the danger of cryptocurrency trading, Rouhani emphasised the importance of public understanding in this sector in order 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 framework for cryptocurrencies. “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.
He further underlined that crypto mining is still illegal until the end of the summer, and that “the Ministries of Communication, Information Technology, and Energy are responsible for cutting off power to these centres.”
The country’s energy ministry declared last month that crypto mining with residential electricity is illegal, and that home miners will face steep fines if caught.
Iran has imposed a statewide ban on crypto mining until September to satisfy the requirements of rising domestic energy usage during the country’s scorching summers.