Iran’s Illegal Crypto Miners To Be Slapped With Bigger Fines And Imprisonment
Since its inception in 2009, Bitcoin, as well as the succeeding cryptocurrencies, have generated controversy. Throughout the world, the majority of nations are attempting to establish rules and regulations governing cryptocurrencies. In Iran, while the government permits regulated cryptocurrency mining, authorities cracked down on unauthorized mining last year in order to alleviate strain on the country’s energy […]
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The fines will reportedly triple compared to current rates, while repeated violations will lead to jail time. The Iranian government will increase penalties for the use of subsidized energy in crypto mining. The move marks another step in the tightening of mining regulation in the country that had faced energy shortages in recent years. On April 16, the Tehran Times reported, citing the country’s Power Generation, Distribution, and Transmission company, that the government plans to drastically increase the fines rates for the mining operators who use subsidized electricity. The company's....
Iran has drafted new rules to increase penalties for illegal cryptocurrency mining in the country, including additional fines and imprisonment. “Any use of subsidized electricity intended for households, industrial, agricultural, and commercial subscribers for mining cryptocurrency is prohibited.”
New Penalties for Illegal Cryptocurrency Mining in Iran
An official with Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) said the country’s administration will approve new rules to increase penalties for unauthorized....