Post a Comment Print Share on Facebook
Featured Indian Londres Ursula von der Leyen Marlaska CNI

Iran will increase penalties for unauthorized cryptocurrency mining

Iran has created new rules to increase penalties against illegal cryptocurrency mining, including increased fines and imprisonment. "Any use of subsidised electricity for the mining of cryptocurrency by households, industrial, or agricultural subscribers is prohibited."

- 9 reads.

Iran will increase penalties for unauthorized cryptocurrency mining

New Penalties in Iran for Illegal Cryptocurrency Mining

According to IRNA publication, Sunday's report by IRNA, a Tavanir official from Iran's Power Generation, Distribution and Transmission Company (Tavanir), the government will approve new rules that would increase penalties for illegal cryptocurrency mining.

Mohammad Khodadadi Bohlouli explained:

These increased penalties include increasing fines by at minimum three to at most five times, imprisonment, and revoking an offender's business licence.

Khodadadi stated that any use of subsidized electricity for households, industrial, or agricultural purposes, as well as commercial subscribers to mining cryptocurrency, is strictly prohibited.

In 2019, the Iranian government approved cryptocurrency mining to be an industry. The Ministry of Industry, Mine and Trade issued more than 1,000 licenses to cryptocurrency mining operations in January 2020.

Iranian authorities have stated that some unlicensed miners are using domestic electricity to mine cryptocurrency, creating major problems for the country's electricity sector. To prevent blackouts in winter, crypto miners were stopped operating in December 2013. According to reports, more than 220,000 mining machines were confiscated by the authorities in September. close to 6,000 illegal crypto mining operations were shut down across the country.

Avatar
Your Name
Post a Comment
Characters Left:
Your comment has been forwarded to the administrator for approval.×
Warning! Will constitute a criminal offense, illegal, threatening, offensive, insulting and swearing, derogatory, defamatory, vulgar, pornographic, indecent, personality rights, damaging or similar nature in the nature of all kinds of financial content, legal, criminal and administrative responsibility for the content of the sender member / members are belong.