Iranian president wants to regulate crypto “as soon as possible”

Iranian President Hassan Rouhani called for the establishment of a legal framework for cryptocurrencies and warned consumers of the risks of the industry.

Rouhani made his comments at a meeting of the government’s Economic Coordination Council on Tuesday on the prices of essential consumer goods.

“To legalize the activity of cryptocurrencies and protect the capital of people in this area, we need to think of a solution as soon as possible and establish and communicate the necessary laws and instructions,” Rouhani said, according to a report published on his. official site. Investments in crypto are risky and “unprofessional entry into this area should be avoided”.

Rouhani called on government agencies to “cooperate with the media and cyberspace in the field of information, education and public awareness of this phenomenon and its instructions and laws.”

At the end of May, Rohani ordered the closure of mining facilities until September 22 to limit the load they place on the struggling national electricity grid during the summer. The nation has experienced power outages, often blamed on bitcoin mining. The Intelligence Ministry has made efforts to locate and seize mining farms operating without a license, media reports said, and access to the power grid will be cut off for non-compliant miners.

Iran is not hostile to crypto – authorities have considered using it to circumvent international sanctions against the country. However, the government apparently wants more control: In April, the central bank said licensed banks and money changers can use cryptocurrency mined by licensed Iranian miners to pay for imported goods, at the same time banning crypto trading from abroad.

Iran has become a jurisdiction of interest for minors from other countries. Attracted by low electricity prices, mining companies from China, Ukraine, Turkey and elsewhere have built mining farms in Iran, according to CoinDesk sources.