{"id":261673,"date":"2020-05-23T11:26:54","date_gmt":"2020-05-23T15:26:54","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=261673"},"modified":"2020-05-23T11:26:54","modified_gmt":"2020-05-23T15:26:54","slug":"iranian-government-begins-drafting-plans-for-national-crypto-mining-strategy","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/iranian-government-begins-drafting-plans-for-national-crypto-mining-strategy","title":{"rendered":"Iranian Government Begins Drafting Plans for National Crypto Mining Strategy"},"content":{"rendered":"

Iran appears to be moving forward with its crypto mining industry, as President Hassan Rouhani is looking to integrate it into the country\u2019s mainstream economy.\u00a0According to an English translation from local news source ArzDigital, <\/a>\u00a0the president had asked several ministers to come up with a national strategy for the country\u2019s cryptocurrency mining space.<\/p>\n

Stabilizing the Mining Space<\/h2>\n

As the report explained, President Rouhani has tasked the ministries of energy, communications, and information technology, as well as the Central Bank of Iran, do develop different iterations of a national crypto mining strategy.<\/p>\n

The source didn’t reveal much about the strategy, although it will most likely build on an industry that is taking shape. Iran incorporated cryptocurrency mining as an official economic sector last year, and the country’s mining space has made some waves across the world.<\/p>\n

According to the Bitcoin Mining Map from the Cambridge University\u2019s Centre for Alternative Finance (CCAF), Iran holds almost 4 percent of the global hashpower. The only countries with more are China, the United States, Russia, Kazakhstan, and Malaysia.<\/p>\n

The government has provided effective subsidies to mining outfits, thus attracting more firms \u2013 local and foreign. Earlier this year, Iran\u2019s Banking and Economic System Reference Media (IBENA) confirmed<\/a> in a report that the country\u2019s Ministry of Industries, Mining, and Trade had already issued crypto mining licenses to over 1,000 companies.<\/p>\n

It’s been a whirlwind journey so far, and with a national crypto mining strategy, the government will most likely have a clear-cut set of guidelines to govern the space. It will most likely include aspects such as registration and licensing, taxation, operations, and much more.<\/p>\n

Bitcoin Demand Rises<\/h2>\n

The strategy will also help the country improve cryptocurrency accessibility \u2013 something that citizens are beginning to clamor for. While Iran’s crypto mining space is taking shape, its traditional financial space isn’t doing so great. Iran already faces sanctions from the United States and has all but become a pariah among the international community members. With the coronavirus pandemic, the country’s economic troubles have compounded.<\/p>\n

Earlier this week, the parliament officially sanctioned the redenomination of its fiat currency, the rial. It will complement the move with the issuance of a new currency, the toman. As a local news source reports, the parliament passed the \u2018Reforming Monetary and Banking Law\u2019 bill, effectively bringing in the toman \u2013 a currency worth about 10,000 rials.<\/p>\n

The plan will effectively take four place values from the rial, thus potting the country on a long road to economic recovery. Sadly, this road doesn\u2019t have a lot of success stories. Countries like Zimbabwe and Venezuela have attempted redenomination policies in the past amid skyrocketing inflation levels, and most have failed.<\/p>\n

All of this has led to surging demand for Bitcoin. Earlier this month, Bitcoin\u2019s price relative to the rial on peer-to-peer cryptocurrency exchange LocalBitcoins rose by as much as 300 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Iran appears to be moving forward with its crypto mining industry, as President Hassan Rouhani is looking to integrate it into the country\u2019s mainstream economy.\u00a0According […]<\/a><\/div>","protected":false},"author":1770,"featured_media":107608,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[7596],"tags":[734,8468,7571,8735],"acf":[],"yoast_head":"\nIranian Government Begins Drafting Plans for National Crypto Mining Strategy - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Iran appears to be moving forward with its crypto mining industry, as President Hassan Rouhani is looking to integrate it into the country\u2019s mainstream economy.\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261673\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iranian Government Begins Drafting Plans for National Crypto Mining Strategy\" \/>\n<meta property=\"og:description\" content=\"Iran appears to be moving forward with its crypto mining industry, as President Hassan Rouhani is looking to integrate it into the country\u2019s mainstream economy.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-23T15:26:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/02\/iran.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261673#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261673\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Iranian Government Begins Drafting Plans for National Crypto Mining Strategy\",\"datePublished\":\"2020-05-23T15:26:54+00:00\",\"dateModified\":\"2020-05-23T15:26:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261673\"},\"wordCount\":494,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"Bitcoin\",\"Iran\",\"Mining\",\"U.S\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261673#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261673#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261673\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/261673\",\"name\":\"Iranian Government Begins Drafting Plans for National Crypto Mining Strategy - 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