When it comes to the adoption of cryptocurrencies, Iran is a state that has made significant development in such a short amount of time. It was just the beginning of 2021 when it was revealed that the Iranian locals were involved in mining Bitcoin (BTC) and altcoins.
This also ended up causing many problems for the government of Iran, the Iranian regulators, and the public of the country. When it comes to the Iranian Government, it was the shortage of electricity that the Iranian Power Ministry had to deal with on an immediate basis.
It was mainly because Bitcoin was being mined by locals inside their houses without the government or authorities having any knowledge of it. This ended up causing an enormous amount of electricity supply shortage in the country. Therefore, to deal with the problem, the country had to resort to generating electricity through low-quality fuel and energy sources.
As a result, the major cities in Iran ended up getting covered with pollution and smog. To make things worse, Iran was still not able to meet the electricity demand in major cities, which also led to power outages and blackouts across the urban areas in Iran.
That is when the Iranian Government and the law enforcement authorities in Iran started their crackdown against the mining operations in Iran. Soon, the Iranian Government was able to take down several mining operations in the country.
As a result, the country has managed to seize and confiscate thousands of mining rigs for Bitcoin in the country. This has helped the country save it from the shortage of power supply as well as making it less polluted than it was during the mining problems.
This has solved the problem for the government as well as for the public that was suffering because of the unnoticed mining operations all over the country.
Then there are the regulatory authorities in the country that came into action. They have come up with strategies and practices in order to streamline the cryptocurrency sector in the country. Most importantly, they are focusing mainly on the cryptocurrency mining sector in the country.
It was recently ruled by the regulatory authority in the country that the cryptocurrencies offered in Iran would be the ones that have been mined through authorized miners in the country. The central bank of Iran would be responsible for issuing the license to such firms before they can start mining Bitcoin and altcoins.
Later on, the exchanges and other financial institutions in the country must acquire cryptocurrencies from these particular firms and no foreign source. This made sure that the country was able to profit from the cryptocurrency market as much as possible.