Iran has drafted new guidelines to extend penalties for unlawful cryptocurrency mining within the nation, together with further fines and imprisonment. “Any use of backed electrical energy supposed for households, industrial, agricultural, and industrial subscribers for mining cryptocurrency is prohibited.”
New Penalties for Unlawful Cryptocurrency Mining in Iran
An official with Iran’s Energy Technology, Distribution, and Transmission Firm (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 below the brand new regulation:
The elevated penalties embody elevating fines by a minimum of three and at most 5 occasions, imprisoning the offender, and revoking the offender’s enterprise license.
“Any use of backed electrical energy supposed for households, industrial, agricultural, and industrial subscribers for mining cryptocurrency is prohibited,” Khodadadi stated.
The Iranian authorities authorized cryptocurrency mining as an business in 2019. In January 2020, the Ministry of Business, Mine, and Commerce issued over 1,000 licenses for cryptocurrency mining operations.
Nevertheless, 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 have been ordered to halt operations to forestall 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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