Cryptocurrency News

Iranian president calls for legal framework for crypto trading

Iran is exploring ways to introduce a legal framework for cryptocurrencies while bitcoin (B T cMining is banned in the country.

During the Economic Coordination Board of the Cabinet appointment On Tuesday, Iranian President Hassan Rouhani emphasized the need to legalize cryptocurrency activities in order to preserve and protect national interests.

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

Noting the risks of cryptocurrency trading, Rouhani stressed that public awareness in this area is essential to avoid unprofessional entries:

“In order to legitimize cryptocurrency activity and protect people’s capital in this sector, we must think of a solution as soon as possible and determine and communicate the necessary laws and directives.”

Rouhani called for a joint study between different parties to establish a legal framework for cryptocurrencies. “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 directives and laws,” he said.

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

Last month, the country’s Ministry of Energy announced that crypto mining with home electricity Not legal and, thus, house miners would have to pay hefty fines if discovered.

To meet the needs of increasing domestic electricity consumption during the hot summer in the country, Iran recently launched a Countrywide ban on crypto mining until September.