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Iran negotiates crypto currency mining in free trade zones

Finance Materials 21 August 2019 11:32 (UTC +04:00)

Tehran, Iran, Aug.21
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Iran is considering the possibility of crypto currency mining in free economic zones, which are close to neighbor countries, Head of Iran Blockchain Community Sepehr Mohammadi told Trend.

"It's been almost two years that we suggested Maku Free Trade Zone to be used for this purpose due to its close location to Iran's neighbor countries, cool weather and pure electricity for mining," he noted.

"Until this moment no decision has been made about it. We wrote a letter to the President two years ago and to Morteza Bank, the Secretary of the Supreme Council of Iran's Free Trade, Industrial and Special Economic Zones in last Iranian year [started March 21, 2018], but there was no effect," he said.

"The regulations of Ministry of Energy and power distribution companies in the region indicate that the power distribution company does not have the right to cut the power to one consumer or seized their equipment or make a pretext over tariff," he added. "If the consumer is using domestic power at a commercial unit, the distribution company has to say the tariff payment is changed," he indicated.

"The Ministry of Energy should at least announce the changed tariffs or implements new tariffs and not cut the electricity , we should file a complaint over these approaches," he added. "The ministry should not cut the power due to difference in tariff rates , the difference should be paid if there is a delay in announcing the tariff its responsibility of the ministry not consumers/"

Iranian government has approved the power exports rate for crypto currency recently and appointed the Ministry of Energy as the responsible agent in this case to determine the rate issuing license for mining.

The country's Customs Administration has announced new tariff regulations on crypto currency mining hardware imports.

Iran had formally recognized mining as an industry in 2018, but there are concerns about power consumption creating obstacles for crypto currencies.

Mohammadi has earlier said mentioned that Chinese miners have requested to start Bitcoin mining in Iran's free zones.

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