Iran Against Illegal Bitcoin Mining

Iranian authorities reported the seizure of 7000 Bitcoin mining equipment found illegally operating in a factory west of Tehran, the capital.

According to Criptonoticias, the seizure carried out by the forces of order obeys the policy of temporary prohibition of Bitcoin mining activity, which was announced by the Iranian president on May 26, and whose reason behind is that the mining industry is interfering with the country's electrical system.

In that sense, the Iranian authorities blame Bitcoin mining for the constant power cuts, although they could also be due to the prolonged drought in the country and the increase in energy demand due to the summer.

On the other hand, the Iranian authorities are seeking to regulate the use of bitcoin and cryptocurrency trading in their country in order to preserve and protect national interests against the expansion of digital assets. About it, Criptonoticias had previously reported that Iranian President Hassan Rouhani asked his government cabinet to establish and implement guidelines related to bitcoin and other cryptocurrencies.

In turn, he asked local regulatory agencies and the media to cooperate with the dissemination of the information and to explain what cryptocurrencies are about and their requirements.

In this way, the Iranian government intends to demonstrate its concern about the use of cryptocurrencies and the need for its regulation and the strict control it wishes to have regarding cryptocurrencies. In this way, it avoids sanctions imposed by the United States that would make it a financially isolated country.

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Andrea Norabuena
Lawyer from the Pontifical Catholic University of Peru with a Specialization in Consumer Protection from the same House of Studies. Member of the Lima Bar Association. He has experience in consumer protection, intellectual property and competition law. His career includes INDECOPI, law firms and companies. Currently, she is an independent consultant.

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