Iran: Ministry of Industry Responsible for Issuing Cryptocurrency Production License

Published July 23rd, 2019 - 11:00 GMT
Effective steps should be taken in the field of launching new businesses and startups
Effective steps should be taken in the field of launching new businesses and startups. (Shutterstock)
Highlights
Government’s Economic Commission has recognized cryptocurrencies as an industry and obliged the Ministry of Industry, Mine and Trade to issue license for producing digital currencies

Minister of Industry, Mine and Trade Reza Rahmani said on Monday that his ministry is accountable for issuing license for producing cryptocurrency. 


Government’s Economic Commission has recognized cryptocurrencies as an industry and obliged the Ministry of Industry, Mine and Trade to issue license for producing digital currencies, he stated.

Islamic Republic of Iran has always adopted a resistant approach towards modern technologies, he said, adding, “in the contemporary world of today, attaining an advanced technology is a dire need.”

Turning to the launch of startups in the country, Rahmani said, “effective steps should be taken in the field of launching new businesses and startups, the issue of which has been put atop agenda of the Ministry of Industry.”

He once again reiterated that Ministry of Industry is responsible for issuing license for producing digital currencies, adding, “producing cryptocurrency is similar to production of a product that has its own requirements, so that Economic Commission of the government has identified ‘cryptocurrencies’ as an industry.”


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