Iran to Increase Penalties for Unauthorized Cryptocurrency Mining – Regulation Bitcoin News

Iran has drafted new guidelines to increment punishments for illicit cryptographic money mining in the nation, including extra fines and detainment. “Any use of subsidized electricity intended for households, industrial, agricultural, and commercial subscribers for mining cryptocurrency is prohibited.”

New Penalties for Illegal Cryptocurrency Mining in Iran

An official with Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) said the country’s organization will support new principles to increment punishments for unapproved digital currency mining, IRNA distribution announced Sunday.

Mohammad Khodadadi Bohlouli made sense of that under the new law:

The expanded punishments incorporate raising fines by somewhere around three and at most multiple times, detaining the guilty party, and renouncing the wrongdoer’s business license.

“Any use of subsidized electricity intended for households, industrial, agricultural, and commercial subscribers for mining cryptocurrency is prohibited,” Khodadadi said.

The Iranian government endorsed cryptographic money mining as an industry in 2019. In January 2020, the Ministry of Industry, Mine, and Trade gave north of 1,000 licenses for cryptographic money mining operations.

However, Iranian specialists said that a few unapproved excavators are involving family power for digital currency mining, bringing about significant issues for the country’s power industry. In December last year, crypto excavators were requested to stop tasks to forestall winter power outages. In September, the specialists allegedly seized north of 220,000 mining machines and shut down almost 6,000 illicit crypto mining ranches across the country.

What do you contemplate Iran expanding punishments for unapproved cryptographic money mining? Tell us in the remarks segment below.

Kevin Helms

An understudy of Austrian Economics, Kevin tracked down Bitcoin in 2011 and has been an evangelist from that point forward. His inclinations lie in Bitcoin security, open-source frameworks, network impacts and the convergence among financial matters and cryptography.

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