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Iran thinks of legalizing and Mining Cryptos
Editorial Team

Earlier this year, Iranian Central Bank banned cryptos and started censoring crypto exchanges. Now, the country is ready to make an exciting U-turn.

According to local media citing Fars News, Iran’s parliament, called the Majlis, has set up a crypto-related working group.

“The final decision has not been made yet, but a working group in the Majlis Social Commission is studying it to establish online exchanges for virtual currencies, mining of virtual currencies and what currencies will be declared legal,” Abolhassan Firouzabadi, the head of the High Council of Cyberspace, says.

According to a publication from trustnodes.com, by mining cryptos presumably, they mean businesses or citizens doing so, rather than the government itself. However, this is not clear at the time.

Firouzabadi attended a meeting this Saturday chaired by President Hassan Rouhani to discuss “cryptocurrencies in the national economy.

This discussion also included their plans to launch an oil-backed government bond token like to Venezuela’s Petro.

They also discussed around Bitcoin and Ethereum, using the term “foreign cryptocurrencies.”

Even though little further detail is provided, US sanctions are to be-instated on Iran this month, making it difficult for them to execute international payments with cryptos potentially a workaround.

If Iran’s government had enough Asics or GPUs, the mention of mining would be very interesting. As cryptos run on their own global network without needing any bank or intermediaries, they could pay with the mined cryptos.

Their specific plans are unclear at this stage. However, necessity might force them to examine all potential avenues.

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