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The Iranian government and cryptocurrency regulations

Cryptocurrencies are becoming popular around the world. The countries with authoritarian regimes are not an exception. For people who are not familiar with digital currencies, this might seem like something unusual. Nevertheless, even the most isolated country in the world which is North Korea is eager to learn more about the digital currencies. North Korea hosted a conference in April and according to the information will organize another conference in 2020.

Iran is another country which is interested in developing digital currencies. Both Iran and North Korea have to deal with sanctions imposed by various countries. It means that their access to global financial institutions is quite limited. Based on the information provided by Coindesk, the Iranian government is planning to introduce the annual licenses for crypto miners.

According to the information licensed and registered cryptocurrency miners will have to provide details about their activities. The Iranian government is working on the regulations regarding digital currencies.  As mentioned above, there is an interest in the cryptocurrency market in Iran. It is not surprising that the government has to regulate this market.

There are more than 1,600 crypto users in Iran based on the survey conducted by the market analytics firm Gate Trade. This is not the first time when Iranian authorities started discussing the issues connected in this industry.

Two months ago, in July, the Central Bank of Iran officially recognized crypto mining. They even went further and said that the central bank would develop specific rules for cryptocurrencies.

There are certain prerequisites such as rental agreements, the price of the mining equipment, etc. Miners will have to comply with the regulations. They will have to renew this license every year.

Cryptocurrencies on September 20Iranian government and crypto regulations

On Friday, Bitcoin’s price is above $10,000. However, before surpassing this level, it experienced problems. At one point, the price even fell to $9,637 which is the lowest point since the beginning of the week. Right now, Bitcoin’s price is $10,102.

The price of another digital currency remains above $210. At the moment, Ethereum’s price is $217. Litecoin’s price is $75.

Countries around the world are trying to develop the cryptocurrency market as it has the potential to generate income for miners as well as governments.

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