Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

Iran has drafted new guidelines to extend penalties for unlawful cryptocurrency mining within the nation, together with further fines and imprisonment. “Any use of sponsored electrical energy supposed for households, industrial, agricultural, and business subscribers for mining cryptocurrency is prohibited.”

New Penalties for Illegal Cryptocurrency Mining in Iran

An official with Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) stated the nation’s administration will approve new guidelines to extend penalties for unauthorized cryptocurrency mining, IRNA publication reported Sunday.

Mohammad Khodadadi Bohlouli defined that beneath the brand new regulation:

The elevated penalties embody elevating fines by no less than three and at most 5 occasions, imprisoning the offender, and revoking the offender’s enterprise license.

“Any use of sponsored electrical energy supposed for households, industrial, agricultural, and business subscribers for mining cryptocurrency is prohibited,” Khodadadi stated.

The Iranian authorities permitted cryptocurrency mining as an business in 2019. In January 2020, the Ministry of Industry, Mine, and Trade issued over 1,000 licenses for cryptocurrency mining operations.

However, Iranian authorities stated that some unauthorized miners are utilizing family electrical energy for cryptocurrency mining, leading to main points for the nation’s electrical energy business. In December final 12 months, crypto miners had been ordered to halt operations to stop winter blackouts. In September, the authorities reportedly confiscated over 220,000 mining machines and shut down practically 6,000 unlawful crypto mining farms throughout the nation.

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