TEHRAN, Iran, July 5
Trend:
The new bill by the MP's has recognized the Central Bank of Iran as the authority to manage cryptocurrency trade regulations in the country while it would ban cryptocurrencies other than national cryptocurrencies in internal networks in payment systems.
The following bill with four articles indicates the Central Bank of Iran is obligated to act toward managing the domestic cryptocurrency market in the next three months, Trend reports citing Tasnim News Agency.
The Ministry of Industry, Mine, and Trade is responsible for issuing permits for cryptocurrency mining farms, while the ministry should cooperate with ministries of energy, oil, economy, and information communication technology to use the processed data related to cryptocurrency mining farms for annual production of $500 million GDP in 2022.
Cryptocurrency mining farms would be obligated to provide reports of their production to the Central Bank of Iran. The instructions for monitoring these activities would be approved by the Supreme Council of Combating and Preventing Money laundering and Terrorism Financing in the next two months.
The development of cryptocurrencies and their related industries are subjected to obtain advances from the National Development Fund while the police force is obligated to seal unauthorized cryptocurrency mining units.
The authorized cryptocurrency miners could install power plants and sell their surplus electricity to the Ministry of Energy or any applicants. The MP's has obligated the ministries of oil and energy to supply power and gas to mining farms and mining farms should pay for the energy by bartering cryptocurrency.