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Iran Prepares Additional Punishment For Illegal Crypto Miners!

The Iranian government is rumored to have prepared additional penalties for illegal crypto miners in the country. This punishment is expected to provide a deterrent effect for the perpetrators.

Cryptocurrency is indeed a digital currency whose fame has spread to all corners of the world. In fact, there are several countries that have legalized this currency for legal trading activities.

However, there are also countries that allow the existence of cryptocurrencies but do not legalize it as a means of buying and selling transactions, for example Iran. In fact, this country provides very strict regulations on this digital currency.

Iran Will Give Tougher Punishment To Illegal Crypto Miners

An official at Iran’s Power Generation, Distribution and Transmission Company (Tavanir) said his country would approve new penalties to be imposed on illegal crypto miners.

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Launching from Bitcoin.comThe new regulation contains a five-fold increase in fines, imprisonment and revocation of the perpetrator’s business license.

“The increase in punishment includes an increase in fines of at least three times and a maximum of five times, imprisonment of violators, and revocation of the perpetrator’s business license.”

Iran Crypto Illegal
Photo: The Blockchain Land

Mohammad Khodadadi Bohlouli added that his country also banned the use of government-subsidized electricity to be used for cryptocurrency mining.

“Any use of subsidized electricity intended for household, industrial, agricultural and commercial customers for cryptocurrency mining is prohibited,” Khodadadi stressed.

The main reason why Iran issued this new regulation is that many individuals use household electricity to mine cryptocurrencies. Of course, this activity can disrupt the electricity industry in Iran.

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According to data, in September 2022, the Iranian government managed to confiscate 220,000 unlicensed crypto mining machines and closed nearly 6,000 illegal crypto mining businesses.