BAKU, Azerbaijan, July 12
By Elnur Baghishov – Trend:
About 584 enterprises in the area of cryptocurrency production have been licensed in Iran, Director General of Planning and Financing Office of the Ministry of Industry, Mining, and Trade Alireza Hadi said, Trend reports citing the ministry.
Hadi noted that the stages related to the issuance of licenses for the operation of these enterprises are underway.
He added that so far, a total of 790 applications have been received for the establishment of enterprises.
The official said that in Iran, 13 enterprises in the free and special trade zones, and 1 enterprise outside these zones are currently engaged in the production of cryptocurrency.
“Iran is projected to produce cryptocurrencies worth $200-700 million a year. This is a large figure in Iran's foreign exchange reserves, and there is potential for development in this area,” he said.
Hadi emphasized that the main cost in the production of cryptocurrencies is the consumption of electricity. Given that electricity is subsidized in Iran, illegal activities in this area are possible.