Minister of Economic Affairs and Finance, while addressing the possibility of official cryptocurrency extraction, stated that, according to industry experts, due to the existing challenges, practical mining is currently not feasible.
As reported by IDEA, Ehsan Khandozi, Minister of Economic Affairs and Finance, commented on the contentious nature of cryptocurrencies, stating that in the month of Esfand 1400 (February-March 2022), the Prime Minister issued a directive to the Deputy for Economic Affairs to prioritize the establishment of regulations, transparency, formalization, and oversight of this sector. He continued by saying that today, individuals who are interested in cryptocurrency mining can follow formal procedures for extraction.
These statements come at a time when the mining industry has struggled over the past year due to increasing tariff rates and prolonged regulatory shutdowns. Additionally, the adjustment of electricity tariff prices at the beginning of 1402 (March 2023) has led to significant financial challenges for miners, with no official communication provided, according to industry experts.
However, despite operating in a formal industry, mining stakeholders lack the ability to sell their mined assets. It is estimated that approximately 1,500 bitcoins have been mined and are ready to enter the economic cycle and be used for imports, but no platform or mechanism has been considered for this purpose.
Khandozi mentioned that the details regarding how the produced cryptocurrency will be exchanged or stored will be addressed in the next legislative session.
According to Ali Babaknia, the head of the Blockchain Association’s Mining Working Group, four resolutions from the Central Bank and the Ministry of Industry, Mine and Trade have mandated the establishment of a system for the return of cryptocurrency resulting from mining, but none have been implemented.
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