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Cryptocurrency: Iranian President Seeks Regulatory Policy To Protect Consumers

Iranian President Hassan Rouhani has said that cryptocurrency regulatory policy is needed to protect consumers.

He made this clear during the cryptocurrency meeting of the government’s Economic Coordination Board.

According to him, the Iranian government would communicate the necessary laws and instructions as soon as possible.

On Tuesday, Iranian President Hassan Rouhani made comments toward the cryptocurrency industry gaining ground in Iran and also warned retail investors about the possibility of “unprofessional” entries into this space.

Overall, Iran has been friendlier toward crypto-assets and businesses like bitcoin mining than most countries.

There have been some issues with electrical consumption, but one study indicates that Iran is leveraging bitcoin mining to lessen the effect of economic sanctions against the oil-rich nation.

Tuesday’s meeting of the government’s Economic Coordination Board shows Rouhani is concerned about the cryptocurrency space. Rouhani detailed that Iranian regulators need to monitor the ecosystem and further stressed to the country’s retail investors the risks involved with dishonourable crypto businesses. Rouhani

“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 remarked at the Economic Coordination Board meeting.

Last May, Rouhani instructed mining operations in the country to shut down until September 22. At the meeting, the Iranian president noted that authorities need to “cooperate with the media and cyberspace in the field of information, education and public awareness about this phenomenon and its instructions and laws.”

Two years ago, Chinese miners found extremely affordable electric prices ($0.006 per kilowatt-hour) but regulatory guidelines have seen miners deal with fluctuations. In mid-July 2020, Iran licensed 14 bitcoin mining farms and cut the electricity tariff. Following the licensure, power plants in Iran were authorized to mine crypto assets. Not too long after the authorization, the country gave bitcoin miners exclusive access to energy from three power plants.

Things have been up and down in Iran in regard to bitcoin mining in the country and Rouhani’s recent statements could be seen as neutral. Rouhani has served as the president for eight years and faces a chance of losing his seat in the near future.

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