Iran Bans Cryptocurrency Mining For 4 Months

Iran has banned cryptocurrency mining nationwide for four months. Since Governments are always looking to regulate the cryptocurrency market. On Wednesday, the Iranian government imposed a temporary ban on cryptocurrency mining. The president stated that the country is experiencing major power outages in many cities.

Iran Bans Mining

Iran states that it is experiencing power outages in many cities. Therefore, the Iranian government needs to find ways to support electric power. This is not the first time Iran has imposed restrictions on cryptocurrency mining. In March, they had introduced the local 'cryptocurrency exchange' regime. This means that all cryptocurrencies will need to be registered in the Iranian market. The country's Minister of Information and Communications Technology Mohammad-Javad Azari Jahromi explained: Iran's government is not against digital currencies.

What Will Happen to Miners In Iran?

According to President Hassan Rouhani, the government has introduced temporary regulations which will restrict the purchase of any mining equipment, as well as, computers capable of mining cryptocurrencies. Iran citizen has two option wait till the ban to be lifted, or start mining cryptocurrency using solar panels.
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