On May 26, a law banning mining for almost 4 months came into force in Iran. The decision was made due to the fact that in many cities the electricity was cut off for 6 hours, plus the demand for the electric power industry increased.
4.5% of mining is in Iran, which allows the country to earn hundreds of millions of dollars in cryptocurrencies.
In 2019, the Iranian government passed a licensing law for cryptominers. They had to pay a higher electricity tariff. But 85% continued to work without a license and evade paying bills. The authorities had to identify the violators and close their mining farms. Interestingly, some have thought of mining in mosques, since they do not pay for electricity.
Such actions did not help to end the power outages. Therefore, the first vice-president of Iran under Hassan Rouhani Eshak Jahangiri made a speech about the need to completely stop the production of coins.
“We will make sure that the electricity is not cut off in important and important places,” Jahangiri said. “Licensed miners must also stop production altogether.”
The government also announced that it will impose fines and confiscation of equipment from miners who use electricity from their homes.
Iran’s Parliamentary Commission on Economics has expressed its opinion on what needs to be done by the country’s central bank as a regulatory body for the exchange of cryptocurrencies in the country. It will also officially place cryptocurrency mining under the regulation of the Ministry of Industry, Mining and Trade.