Iranian president calls for legal framework for crypto trading

Iran is looking for ways to introduce a legal framework for cryptocurrencies, while Bitcoin (BTC) mining remains under embargo in the country. 

During the cabinet’s Economic Coordination Board meeting on Tuesday, Iranian President Hassan Rouhani emphasized the need to legalize cryptocurrency activities to preserve and protect national interests.

Rouhani said the country must pay attention to the legal and technical requirements regarding crypto and digital currencies.

Noting the risks of cryptocurrency trading, Rouhani stressed that people’s awareness in this field is necessary to avoid unprofessional entries:

“For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions.”

Rouhani called for a joint study between different parties to establish a legal framework for cryptocurrencies. “The responsible agencies in the field of capital markets should cooperate with the media and cyberspace in the field of information, education and public awareness about this phenomenon and its instructions and laws,” he said.

He also clarified that crypto mining is still prohibited until the end of summer, “and the Ministries of Communication and Information Technology and Energy are responsible for cutting off power to these centres.”

Last month, the country’s ministry of energy announced that crypto mining with household electricity is not legal and, thus, home miners will have to pay heavy fines if discovered.

To meet the needs of increased domestic electric consumption during the hot summers in the country, Iran recently put a nationwide ban on crypto mining until September.