iran cryptocurrency mining

Research confirmed that there are 12 million crypto holders in Iran. And the majority of the crypto traders rely only on the local crypto exchange. 

Iran is a crypto-friendly country. The government of Iran is not supporting crypto trading through regulation but they allowed the crypto mining operations, however sometimes the government suspended crypto mining operations temporarily because of increasing heat in the country’s environment and electricity issues. 

Related: Iran resumes Bitcoin mining operations after 3 month ban

Iranian government understands the crypto & blockchain industry very well and also they know very well that crypto has big support & contribution to the economy of the nation. But still, the laws and regulations on the crypto industry by the Iranian government are not much better & proper. 

The CEO of Bitestan exchange, Hamed Mirzaei, said that there are around 12 million crypto users in Iran. And the majority of the crypto users are giving favour to using the local crypto exchange for their crypto reading activities. 

According to the report, Iranian crypto traders do $181 million worth of crypto transactions daily in absence of proper crypto regulation on trading activities. 

The executive of the Financial Tribune, an English-language business portal, reported that there are 88% of crypto traders in Iran, which are using local crypto exchanges. 

Central Bank of Iran on Crypto 

Many times, in the past, the Central Bank of Iran warned Iranian citizens over the use of crypto assets against the government’s warning. CBI also asserted the possible risk because of huge volatility. 

This situation of Iran is similar to Russia. Because Russia has crypto legislation to regulate the crypto industry operations but in actuality, crypto laws by the Russian government are not enough to cover the whole crypto industry in the Russian federation. 

Here, we may expect that Iran will do something better to bring better regulation on crypto trading because crypto mining is not enough for crypto traders. 

Read also: El Salvador using Bitcoin profit for school & hospitals

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