Iran’s President Calls for Legal Framework for Cryptocurrency Trading

Iranian President Hassan Rouhani wants to protect national interests related to cryptocurrencies.

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

During the cabinet’s Economic Coordination Committee meeting on Tuesday, Iranian President Hassan Rouhani emphasized the need to legalize cryptocurrency activities to maintain and protect the national interest.

Rouhani said the country must pay attention to the legal and technical requirements related to cryptocurrencies and digital currencies.

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

“In order to legitimize the operation of cryptocurrencies and protect people’s capital in the field, we must devise a solution as soon as possible, and develop and communicate the necessary laws and guidelines. “

Rouhani has called for a joint study between different parties to establish a regulatory framework for cryptocurrencies. He shared:

“Authorities in charge of capital markets should cooperate with the media and cyberspace in the area of ​​information, education and public awareness of this phenomenon and its directions. its guidelines and laws.”

He also clarified that cryptocurrency mining remains prohibited until the end of the summer, “and that the Ministry of Communications and Information Technology and Energy is responsible for cutting power to these centers.”

Last month, the country’s Ministry of Energy announced that it is illegal to mine cryptocurrencies with household electricity and therefore, home miners will have to pay hefty fines if discovered.

In response to the increased electricity consumption during the hot summer in the country, Iran recently issued a nationwide ban on cryptocurrency mining until September.

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