Iran may prove to become a very interesting region for all cryptocurrency activities. The government has begun issuing licenses to crypto mining firms, and the overall interest in this business model is picking up.
The licensing model in Iran is worthwhile to keep an eye on.
Crypto Mining is Booming in Iran
Every cryptocurrency mining firm in the country must obtain an official license.
The process for doing so is not complicated, nor overly expensive.
Once a license has been obtained, these companies can begin – or continue – to mine Bitcoin at their own license.
Since determining that Bitcoin mining is an industrial activity in July 2019, things have evolved in an interesting direction.
To this date, over 1,000 crypto mining licenses have been granted.
A remarkable figure, given how one would expect most miners to avoid a licensing process altogether.
Despite this growth, there is still reason for hesitation.
If the mining operations put too much strain on the Iranian power grid, the situation can head in a completely different direction very quickly
While mining is booming in Iran, it remains unclear as to how Bitcoin and altcoins are being used.
Some officials still see merit in this form of money to evade sanctions and trading embargoes altogether.