Iran to Enhance Penalties for Unauthorized Cryptocurrency Mining – Regulation Bitcoin Information

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Iran has drafted new guidelines to extend penalties for unlawful cryptocurrency mining within the nation, together with further fines and imprisonment. “Any use of sponsored electrical energy supposed for households, industrial, agricultural, and business subscribers for mining cryptocurrency is prohibited.”

New Penalties for Unlawful Cryptocurrency Mining in Iran

An official with Iran’s Energy Technology, Distribution, and Transmission Firm (Tavanir) mentioned the nation’s administration will approve new guidelines to extend penalties for unauthorized cryptocurrency mining, IRNA publication reported Sunday.

Mohammad Khodadadi Bohlouli defined that beneath the brand new regulation:

The elevated penalties embody elevating fines by no less than three and at most 5 occasions, imprisoning the offender, and revoking the offender’s enterprise license.

“Any use of sponsored electrical energy supposed for households, industrial, agricultural, and business subscribers for mining cryptocurrency is prohibited,” Khodadadi mentioned.

The Iranian authorities accredited cryptocurrency mining as an trade in 2019. In January 2020, the Ministry of Business, Mine, and Commerce issued over 1,000 licenses for cryptocurrency mining operations.

Nevertheless, Iranian authorities mentioned that some unauthorized miners are utilizing family electrical energy for cryptocurrency mining, leading to main points for the nation’s electrical energy trade. In December final 12 months, crypto miners have been ordered to halt operations to forestall winter blackouts. In September, the authorities reportedly confiscated over 220,000 mining machines and shut down almost 6,000 unlawful crypto mining farms throughout the nation.

What do you consider Iran rising penalties for unauthorized cryptocurrency mining? Tell us within the feedback part beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source programs, community results and the intersection between economics and cryptography.

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