Iran to Increase Penalties for Unauthorized Cryptocurrency Mining – Regulation Bitcoin News

Iran has drafted new guidelines to enhance 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 industrial subscribers for mining cryptocurrency is prohibited.”

New Penalties for Illegal Cryptocurrency Mining in Iran

An official with Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) stated the nation’s administration will approve new guidelines to enhance penalties for unauthorized cryptocurrency mining, IRNA publication reported Sunday.

Mohammad Khodadadi Bohlouli defined that below the brand new legislation:

The elevated penalties embrace elevating fines by at the least three and at most 5 instances, imprisoning the offender, and revoking the offender’s enterprise license.

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

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

However, Iranian authorities stated 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 yr, 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 practically 6,000 unlawful crypto mining farms throughout the nation.

What do you concentrate on Iran growing penalties for unauthorized cryptocurrency mining? Let us know within the feedback part under.

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 methods, community results and the intersection between economics and cryptography.

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