Iran recognizes mining as an industry: Breakthrough after massive bans
Pouya | 2018-07-26

Iran recognizes mining as an industry: Breakthrough after massive bans

During the meeting held by social affairs and electronic government cabinet on July 22, 2018, topics concerning Blockchain technology and cryptocurrencies in Iran was investigated.

According to a report by Cabinetoffice, the meeting started by a presentation about Blockchain, cryptocurrencies and side-chain potential roles in official payment process. The role of government in side-chains was also discussed.

Irans recognizes mining as an industry Breakthrough after massive bans

Iran recognizes mining as an industry Breakthrough after massive bans/ Source

 “A new concept called Blockchain technology has recently formed that consists of a computer network that administrates the recorded data and financial transactions utilizing digital timestamps.” Said Dr. Ashtarian, secretary of the social commission and electronic government.

 “Based on blockchcain, it is accessible for everyone to supervise the transparency of the system. It also removes the intermediates such as banking networks for financial exchanges and makes it possible to check out millions of goods and services through internet of things (IOT)” He added.

Irans recognizes mining as an industry Breakthrough after massive bans

Iran recognizes mining as an industry Breakthrough after massive bans/ Source

Blockchain is a decentral documenting system to record the transactions by means of cryptography techniques.

A remarkable function for the usage of Blockchain is identification process to keep the records of ID cards and other officially recognized documents. As a result, copies will no longer be needed. Applying blockchain also reduces the risk of hacks and annihilation of documents in central systems.

Irans recognizes mining as an industry Breakthrough after massive bans

Iran recognizes mining as an industry Breakthrough after massive bans/ Source

He continued the presentation around cryptocurrency regulations and legal actions taken by different governments.

At last, cryptocurrency mining was officially considered as an industry. Hence, several related organizations such as Ministry of Information and Communications Technology, Ministry of Industry, Mine and Trade, Ministry of Energy, Ministry of Economics and Finance, Central Bank, National Cyber Committee were authorized to involve in for further actions and regulations.

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Source