Virtual currency law in Iran
Iranian cryptocurrency regulation / From Wikipedia, the free encyclopedia
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In 2018, Iran recognized cryptocurrency mining as a legal industry in order to monitor and regulate the mining farms that were already operating.[1] In July 2018, President Hassan Rouhani's administration declared its intention of launching a national cryptocurrency, a news agency affiliated with the Central Bank of Iran outlined multiple features of the national cryptocurrency, stating that it would be backed by the Iran's national currency, the rial.[2] The cryptocurrency could allow Iranians to make international transactions amidst trade embargo. As of December 2020 Iranians traded between $16 and $20 million in 12 different cryptocurrencies each day.[3][4][5] Iran's mining amount of bitcoin is close to $1 billion a year.[6]