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Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

Iran to Increase Penalties for Unauthorized Cryptocurrency Mining – Iran has developed new regulations that will strengthen the consequences for illegal cryptocurrency mining in the country, including increased fines and imprisonment. “Mining bitcoin with subsidized electricity intended for homes, agricultural, industrial, and commercial subscribers is illegal.”

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According to the IRNA news agency on Sunday, an official with Iran’s Power Generation, Distribution, and Transmission Company stated the country’s administration will pass new guidelines to enhance penalties for illicit cryptocurrency mining.

Also Read: Today’s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits

According to Mohammad Khodadadi Bohlouli, on the new law:

“The offender’s fines will be enhanced by at least three and up to five times, and his or her business license will be canceled.”

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“Mining cryptocurrencies with subsidised electricity meant for residential, commercial, agricultural, industrial, and subscribers is prohibited,” said Khodadadi.

In 2019, the Iranian government authorized cryptocurrency mining as a legitimate business. Over 1,000 permits for bitcoin mining enterprises were given by the Ministry of Industry, Mine, and Trade in January 2020.

However, Iranian authorities claim that some unauthorized miners are mining cryptocurrencies using residential electricity, causing serious problems for the country’s electricity industry. 

Also Read: Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year

Iran to Increase Penalties for Unauthorized Cryptocurrency Mining – Crypto miners were told to suspend operations in December of last year to avoid winter blackouts. Authorities collected almost 220,000 mining devices and shut down roughly 6,000 illegal crypto mining farms around the country in September, according to reports.

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