New Bill to Ban Crypto Payments in Iran, Support Mining and Regulate Exchange

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New Bill to Ban Crypto Payments in Iran, Support Mining and Regulate Exchange

The Islamic Consultative Assembly (the Iranian parliament) has a plan to order the crypto space. Under the supervision of the parliamentary Econom

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The Islamic Consultative Assembly (the Iranian parliament) has a plan to order the crypto space. Under the supervision of the parliamentary Economic Commission the new bill allocates regulatory responsibilities and addresses some unanswered questions about Iran’s future cryptocurrency.

The draft law, if adopted in its current form, would prohibit the use of cryptocurrency as a method of payment in the Islamic Republic. Tasnim News Agency reported. Other domestic transactions using cryptocurrency would be banned, in addition to crypto payments. Iranian legislators have only allowed one exception, and it’s for digital currency issued by the state ( CBDC).

Within three months of the bill being adopted, the Central Bank of Iran ( CBI ) will take over oversight of the crypto market. The central bank will also regulate cryptocurrency exchange in Iran. Although Iranian authorities tried to stop crypto trading over the last few months, the CBI allowed domestic banks and exchangers access to cryptocurrency mined in Iran for payments for imports.

Iranian Regulations Support Cryptocurrency Mining

Tasnim stated that the legislation in the Iranian Majlis was also intended to encourage’support for crypto mining and organizing the national market for exchanges. Crypto mining, unlike digital coin trading has been legal for Iranian companies for about two years.

The draft states that Iranian cryptocurrency miners will be permitted to participate in future projects to build and operate power plants. According to the report, mining companies that are authorized will need special permits from Ministry of Energy in order to be able to participate in these projects. Even better, miners will be able sell excess energy from their stations.

The bill proposes that Iran’s Ministry of Industry, Mines and Trade will exercise regulatory control over crypto mining. It will still be responsible for issuing licenses to establish and operate new cryptocurrency mining farms.

In the last few months, Iran’s crypto industry has been hindered by a lack of comprehensive regulations and restrictions. The Majlis leadership urged financial regulators to take a cautious approach when dealing with this complex matter in May. Farhad Dejpasand , the Economy and Finance Minister of Iran, stated in June that the government can’t interfere too much with the development crypto technology.