Countries and authorities around the world cryptocurrencies continues to create rules and regulations about According to the latest development, Iran, which wants to control illegal crypto mining, is preparing to regulate the sector with stricter laws.
the Iranian government’s illegal bitcoin and it has been learned that it aims to introduce new regulations to impose more fines on cryptocurrency mining.
While it is possible to mine crypto with permission in Iran, the electricity consumption in the country has organized operations for illegal mining activities last year to reduce the burden.
Illicit Cryptocurrency and Bitcoin Mining Can Be Sent to Jail
With the new laws that Iran will implement, it will be possible to carry out illegal mining activities such as prison sentences and cancellation of business licenses in case of repeated violations.
According to the news published by the Tehran Times, with the new rules, the existing penalties will be increased by at least 3 to 5 times.
An Iranian official stated that the use of discounted electricity for housing, industry and agriculture will also be banned for mining.
Power Outages In The Country Due To Bitcoin Mining
There is an increase in the use of discounted electricity services in the country beyond its purpose. The Iranian official stated that these illegal activities also damaged the country’s national electricity grid. Fluctuations in electrical energy also damage the electrical devices of people in the country.
In 2019, Iran approved cryptocurrency mining, but stipulated that it be limited to industrial activities.
With this decision, there was an increase in mining activities in the country. In May 2021, government officials said that those who cheated on electricity use would face heavy penalties.
According to information obtained from Iranian sources, the penalty to be imposed on illegal miners will not only be limited to fines, but also compensation for damage to the electricity network and grid.
*Not investment advice.