Crypto mining now official activity in Iran

Cryptocurrency mining is now an official industrial activity in Iran after winning approval from the country’s cabinet.

In a session on Sunday, chaired by President Hassan Rouhani, cabinet ministers endorsed the activity and said industry participants would need to seek the required licenses from the Ministry of Industry, Mine and Trade, the Mehr News Agency reports.

As CoinDesk reported last week, crypto mining had already being given approval by the Chamber of Commerce, Industries, Mines and Agriculture, a government economic commission.

The cabinet also said that cryptocurrency users must accept the risks of the technology and that neither the government nor the banks would provide any guarantee.

Cryptocurrencies are still not allowed in domestic transactions. Mined cryptos will be taxable under the country’s rules, unless the cryptocurrencies are exported and the revenues brought back to Iran.