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Iran aims to bring new regulations
The authorities plan to introduce new regulations “to increase the penalties for illegal cryptocurrency mining using subsidized electricity” as per Tehran Times. The new regulations that are being planned include raising the current fine by a minimum of three and a maximum of five times. Furthermore, the authorities in Iran also plan to revoke the licenses of offenders and also, put them behind bars.“Any use of subsidized electricity, intended for households, industrial, agricultural and commercial subscribers, for mining cryptocurrency is prohibited,” revealed the report.This comes just months after the Iran government decided to lift the ban on cryptocurrency mining. The government of the nation under the former president Hassan Rouhani had decided to ban crypto mining activities in May 2021. However, following the upliftment of the ban, the nation saw a surge in mining activities which resulted in power outages in the nation.
The global landscape for crypto mining
As per Cryptonary’s previous coverage, crypto mining has been a controversial topic recently. Lawyer and economist María Muñoz, who is also the Deputy for the Spanish Ciudadanos political party, proposed a bill with the intention to make Spain a Bitcoin mining hub. On the other hand, the European Union decided to put a blanket ban on mining of Proof-of-Work (PoW) cryptocurrencies like Bitcoin which failed to follow through.Not only in Iran but crypto miners have seen increased pressure from regulatory authorities recently mainly due to their energy requirements. As per a previous report from Cryptonary, Tenaga Nasional Bhd, a Malaysian electricity firm, has noted an increase in illegal cryptocurrency mining since 2018 in the nation and made two proposals to curb the practice.
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