Iran wants to “preserve and protect national interests” in the field of digital currencies and cryptocurrencies, Iranian President Hassan Rouhani told a meeting of the cabinet’s economic coordination board this week.

Fast Facts:

  • In his comments, Rouhani emphasized the need for a regulatory framework for cryptocurrencies, given the “significant risks” of cryptocurrency trading. “For legalizing the activity of cryptocurrencies and protecting people’s capital in this area, we must think of a solution as soon as possible and lay down and communicate the necessary laws and instructions,” he said.
  • The president also called for agencies to work together on education and public awareness relating to cryptocurrencies and regulations.
  • “The mining of cryptocurrencies is strictly prohibited until the end of summer, and the ministries of communication and information technology and energy are responsible for cutting off power to these centers,” Rouhani said. In May, Iran banned cryptocurrency mining until Sept. 22, blaming the energy-intensive activity for causing blackouts in some cities.