Iranian President Calls for the Legal Framework for the Crypto Trading

    Iran is looking forward to bring in a new legal structure for cryptocurrencies while Bitcoin mining is still under prohibition in the country. During the Economic Coordination Board meeting held on Tuesday in between the cabinet, Iranian President Hassan Rouhani has mentioned the significance of authorizing cryptocurrency activities to conserve and guard national interests.

    Rouhani stated that the country needs to pay concentration to crypto and digital currencies’ legal and technical necessities for the process. While considering the risks involved in the trading of cryptocurrency, Rouhani focused that the awareness of the people in the field is required to avoid unprofessional entries.

    Rouhani has also called for combined learning between the parties to set up a legal structure for cryptocurrencies, so he mentioned that the accountable agencies on the ground need to cooperate with the medium and cyberspace.

    He also clarified that crypto withdrawal is still forbidden for which the Ministers of Communication and IT will be accountable for the organization. Last month in May, the country’s ministry also declared that crypto withdrawal with home electricity, both are not legal. Due to this, the home miners have to pay definite fines if they are discovered.

    With the purpose to convene the rising demands of electric utilization during the hot summers in the country, Iran is going to put a countrywide ban on crypto withdrawal till September.

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