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Iran Police Confiscate 117 Illegal Crypto Mining hardware

According to recent reports from the Iranian provincial police, an individual has been arrested in the country for smuggling in 117 pieces of crypto mining hardware worth around $300,000.

It was also reported that the individual was trying to smuggle the hardware in the country through a large truck posing as a common logistics operation. Authorities are currently investigating as to how the man managed to go past the customs at the border, but bribery is one of the main explanations at this point of time.

This news could come as a surprise due to the fact that Iran legalized cryptocurrency mining operations within the country and recognized it as a legitimate industry, but that doesn’t mean they allow every person to undertake the business. All miners are to register and get licensed by the local Ministry of Industry, Mine and Trade in order to be deemed a legal operation. Bringing in 117 crypto mining hardware which can potentially mine millions worth in cryptocurrencies was a clear breach of regulations.

But, experts are saying that Iran needs to make the crypto mining market as free as possible, especially since the US Federal Reserve cut interest and tax rates in the country, potentially depreciating the USD in the long run. The reason why experts bring this argument up is due to the increased competitive nature of US exports and the loss of clients due to even more unfavourable sanctions.

One of the main reasons crypto mining was legalized in the country was to diversify the economy as much as possible as it will soon become impossible to rely just on the energy sector to keep the country afloat. A favourable environment would entice hundreds of crypto miners to move in the country, conduct their operations and pay due taxes, as long as they can have a break from high electricity prices.

Image courtesy of Bitcoin Exchange Guide

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