Iran Stresses the Need for A Legal Framework for Crypto  

Earlier this week, the government of Iran has released a statement regarding the requirement for a legal framework for crypto activities within the nation. Iran is moving towards the legalization of cryptocurrencies as the government is stressing public awareness of digital currencies.

Iran Government to Introduce Legal Framework for Crypto Dealings

Hassan Rouhani, the President of Iran has recently said that the economic intelligence program is needed in order to preserve and defend the national interests of the country. 

The statement from the President comes as the field of digital currencies and coming out blockchain technology is even more in the public eye.

Iran has recently joined the list of those countries that are boosting up the understanding as well as the development of legit infrastructures and laws based on cryptocurrencies that are required in order to keep up with space.

Well, it should be noted that this is not the first time that the government of Iran has considered regulating cryptocurrencies.

Earlier in mid-2020, the lawmakers bring about to the central bank of the country to take the matters of digital currencies and the trends in these currencies more seriously.

Mining Ban to be Continued

Rouhani laid emphasis on the requirement to raise awareness among the people and said:

“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.”

Despite these comments being in the favor of cryptocurrencies, the mining of cryptocurrency will be remaining prohibited. As of now, the ban is continued till the end of this summer.

The crypto mining in Iran surged due to the low electricity prices in the country.

As Iran is making room for the legalization of cryptocurrencies, it remains uncertain if the country can be a hospitable environment for a larger community of cryptocurrencies.