TL;DR Breakdown
- Iranian authorities have decided to remove the Bitcoin mining ban imposed in May.
- The decision was made to resume Bitcoin mining but only for selected Bitcoin miners.
- The decision was made to stop the overburdening of power grids during the hot summer.
The Bitcoin mining ban in Iran made crypto enthusiasts wonder about the stance of the nation on cryptocurrencies. But, after the recent statement released by the Iranian tax agency, it was clear that the authorities are considering the adoption of cryptocurrencies and the legalization of crypto exchanges.
Recently, various reports have claimed that the tax agency is looking to implement laws to legalize exchanges. Furthermore, new Iranian press reports claim that the authorities seek to revoke the Bitcoin mining ban imposed on cryptocurrencies.
This ban on Bitcoin mining was imposed in the month of May when the crypto was at its all-time high.
Bitcoin mining ban in Iran to end by September end
The Bitcoin mining ban in Iran has lasted for over three months now, and it seems that good news is coming for cryptocurrency miners in the country very soon.
The authorities have confirmed that by the end of September, the Bitcoin mining ban on crypto miners will be revoked, but the catch is that only selected miners will be allowed to operate in the nation at full capacity.
The exact date published in the report is 22nd September for the upliftment of the Bitcoin mining ban in Iran.
Illegal cryptocurrency mining caused ban
A continuous abruption in the supply of electricity in the country occured due to cryptocurrency mining. According to reports, numerous illegal crypto mining facilities were putting a lot of strain on the supply of electricity throughout the nation in the hot summer. To prevent the repetition of this activity, only certain mining facilities are expected to be allowed to operate.
In the month of June, over 7,000 mining rigs were confiscated by the police in Tehran as the authorities sought to eliminate all illegal miners from the nation. The authorities expect Bitcoin to play a vital part in the economy of the nation, and therefore, find it imperative to eradicate illegal activities.
From Zero to Web3 Pro: Your 90-Day Career Launch Plan
