IRAN Lifts Its Prohibition on Bitcoin Mining, and Binance Makes KYC Obligatory

IRAN Lifts Its Prohibition on Bitcoin Mining, and Binance Makes KYC Obligatory

Iran is now all set to relax its ban on cryptocurrency mining in September, after four months of prohibition. In answer to power constraints this summer, Iran is preparing to lift prohibitions on mining bitcoin. According to a source from the Iran Student Media Outlet, the nation’s electricity provider has indicated that the restriction impacting approved miners will be removed. Iran will lift its four-month restriction on mining bitcoin in September. Miners are delighted to resume their crypto mining operations after waiting since May when the ban was enacted.

The Iranian Ministry of Mining and Trade imposed a temporary suspension on cryptocurrency extraction earlier this year, which will be lifted on September 22, 2021. President Hassan Rouhani enforced the temporary ban in May when the nation’s electricity system was pressured by extreme temps and resource scarcity, posing a threat to electricity usage.

In May, Hassan Rouhani, the then-President of Iran, formulated the limiting policy in response to an escalating energy shortage causing blackouts in several country areas. A portion of the blame for the scarcity was placed on the power-intensive coin mining procedure.

The Ministry of Industries, Mining, and Trade aims to adhere to its prior resumption date of September 22 for the beginning of the Mining process, instead of stretching the ban, according to a statement from Iran Power Generation, Distribution, and Transmission Company (Tavanir) spokesperson Mostafa Rajabi Mashhadi. Tavanir predicts that electricity demand would drop in the upcoming weeks, allowing reputable big miners to resume their activities, according to Mashhadi. When temperatures start to fall, electricity consumption declines will offer an optimum environment for authorized cryptocurrency miners to resume operations.

Iran has found creative methods to dodge US trade restrictions, including mining bitcoin, legal business. After the American government abolished a worldwide nuclear agreement in 2018 and put pressure on certain countries to avoid trade with the Iranian Regime, the country, rich in natural gas and oil, found itself with very few customers yet again.

With the news of the Bitcoin mining restriction being lifted, many mining industry regulators are keeping an eye on Iran since the Iranian government plans to allow cryptocurrency mining across the country once the prohibition is reversed.

author
Don Dehn is an Finance Writer. He has more than 10 years of experience in Finance Trading. He is expert in bitcoin currency and in bitcoin price analysis. He has recently join the Bitcoin Price Team. He will be available by email : <a href="mailto:don@bitcoinprice.fun">don@bitcoinprice.fun</a>

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