Cryptocurrency Mining Not Haram in Iran Anymore

By Steven Anderson July 30, 2019 0
Cryptocurrency Mining iran

The Twitter Whale alert read thus:  “49,756 #BTC (468,491,827 USD) transferred from Unknown wallet to Unknown wallet.”  This transfer was facilitated with just $374.98 without identity documentation or permission.

With the economic scenario being gloomy in Iran, authorities have approved of the mining of the cryptocurrencies.  Iranian miners will have to apply for due licenses from the Ministry of Industry, Mine, and Trade.  This move will eventually make the process of crypto mining a taxable event.

The Government of Iran is very clear that it would not provide any support in terms of banking or legal support to cryptocurrency miners. Payment should not be made with Bitcoin or any other non-Iran asset which is banned.

The go-ahead from the government committee in Iran was given by Abdolnaser Hemmat, Central Bank of Iran Governor who stated:  “A mechanism to mine digital coins were approved by the government’s economic commission and will later be put to the discussion at a cabinet meeting.”  The miners have refused to share the details of their mining income with the press.

Bitcoin mining was previously described as “haram” and was forbidden under the law.

Jahromi stated, “Some of our top clerics have issued fatwas that say Bitcoin is money without a reserve that Islamic and cyber currencies reject it are haram. When we explain to them, this is not a currency but an asset, they change their mind.”

Due to the gloomy economic situation, several Iranians are converting their rials to assets. This is because they are beginning to sense the heat of the sanctions. Tensions between the two countries have increased after each of the countries shot each other’s drones.

The expected price behavior of Bitcoin has been calculated on a three-day time frame.  Two of the Bitcoin analysis have confirmed support at $8,200 for the Bitcoin.  The token has been forming lower highs and lower lows, thereby signaling a bearish trend in the near-term.  Fundamentals have a say about the next price move of the Bitcoin.

Cryptocurrency has been pushed closer to institutional adoption following the test-launch of physically settled Bitcoin futures by Bakkt.  The price of the Bitcoin has been taking a plunge ever since Steven Mnuchin called Bitcoin as a national security threat.

Nischal Shetty, CEO of local crypto exchange Wazirx, stated, “We’re going to reach out to our elected members of parliament in India as they will be the final authorities to decide whether this report should be adopted.”