With the passage of time, the United States of America and its allies are tightening strict sanctions around Iran. So far, the United States has rendered the Iranian economy almost crippled for stopping others from doing trades with the country.
With the sanctions constantly getting a grip on Iran, the country has started making a great shift towards the cryptocurrency space. Even the Iranian public has started adopting cryptocurrencies on a larger scale to circumvent the restrictions imposed by the United States through traditional financial institutions.
The country is following in the footsteps of other countries such as Cuba and Venezuela that are facing a similar kind of demise as Iran. These countries have also adopted Bitcoin (BTC) and altcoins to circumvent traditional financial institutional restrictions.
With the cryptocurrency industry and its adoption constantly increasing in Iran, the country is now considering inducting the industry into legal assets.
Therefore, the country is now considering coming up with a regulatory framework in order to give cryptocurrencies a legal status. However, the country is still adamant about keeping the mining of Bitcoin (BTC) banned for an indefinite amount of time.
It was on Tuesday, June 8, when the President of Iran, Hassan Rouhani talked about the legalization of cryptocurrencies. Rouhani talked about legalizing cryptocurrencies during an Economic Coordination Boarding meeting for the cabinet.
During the meeting, Hassan Rouhani stated that the regulatory authorities need to do whatever they can to protect and preserve the national interest of the country. To execute this with full responsibility, the regulatory authorities need to give legal status to the crypto-activities in the country.
Rouhani stated that with the passage of time, the cryptocurrency industry has grown big in the country. Even the locals are now used to performing activities related to cryptocurrencies. This means that it is no longer possible for regulators to stop or ban cryptocurrency activities in the country.
This is the reason why the country needs to focus on legalizing the cryptocurrency industry rather than banning its utilities. The regulators need to focus on the technical and legal requirements of digital and cryptocurrencies.
The country also needs to keep in mind the risks involved in the adoption of cryptocurrencies. It needs to ensure that none of its cryptocurrency-related activities are legal or are doing harm to the environment.
Now that the United States has started making its presence known in the cryptocurrency industry, it is running things its own way. The first target for the United States in the crypto-verse is China, which is known for mining 34% of the total bitcoin all over the world.
The country has completely rejected that Bitcoin (BTC) China mines claiming it has been mined through environmentally harmful energy sources. Therefore, Iran is also keeping this in mind when legalizing cryptocurrencies and going with Bitcoin (BTC) mining.