Importation of Crypto Mining Devices is Banned in Iran

Iranian General seems to propose the use of cryptocurrencies to evade sanctions

Despite the cryptocurrency sector providing Iran with a leeway to fight sanctions imposed on it by the US, the government has not approved the importation of crypto mining devices.

However, per a news piece on multilingual Tehran-based news outlet Mehr News Agency, the Iranian immigration office has already released its tariff for crypto mining devices.

In addition to the tariff, the Iran Customs Administration (IRICA) office has placed crypto mining devices under the computers and central processors category.

Through the latter, crypto enthusiasts eyeing the mining sector, get a glimpse of how their devices will be taxed once in the country. Although the crypto mining devices already have a tariff in place, according to the Jamal Arounaghi, Deputy President of the Islamic Republic of Iran Customs Administration (IRICA), this does not translate to government’s approval.

The agency has no powers to make such a decision. However, if the government gives them the green light, they will issue further directives.

Despite Lack of a License, Iranians Have Already Embraced Crypto Mining

Amid all the sanctions on their country, Iranians have taken on the crypto mining sector to make some extra bucks. Reports have emerged that many Iranians are crypto miners. The number of Iranians mining crypto has gone up that authorities are wrestling to control them.

In addition to the above pointing to a positive future for crypto miners, news of Iran’s Economic Commission proposing an energy tariff scheme for mining of crypto shows where the country is heading.

Though its proposal is awaiting approval from the Cabinet, it paints a clear picture where the sector might be in the future. In Iran, electricity is so cheap because of government subsidies. The latter, together with sanctions imposed, will be Iran’s driving force when it comes to the cryptocurrency sector.

Although mining of crypto isn’t banned in Iran, the government has not approved importation of mining devices. However, this does not mean the government isn’t working to regulate space as a whole. Similarly, reports have emerged that Iran’s Central Bank is working on minting its coin.

Although the above points to Iran laying out the red carpet for crypto enthusiasts, for the US, the above is a risk since it will give Iran the power to circumnavigate sanctions imposed.