Page 36 - IRANRptNov19

According to the approved plan, cryptocurrency miners must pay a higher price for power consumption, which is pushed up by computing power demands. Iran’s electricity industry government spokesman Mostafa Rajabi Mashadi has told media that the government is considering asking the miners to pay in US dollars “as their income is in dollars”, but it is not known if this is possible under current laws banning trade in dollars.
Dejpasand said the Central Bank of Iran (CBI) has been tasked with laying the legal and financial groundwork for digital coin mining in a bid to further regulate the emerging industry.
On January 29, an initial 13-page draft on regulating the use of cryptocurrencies in Iran​ ​was released by the country’s central bank.​ ​The draft reportedly suggests heavy oversight should be exercised by the Central Bank of Iran (CBI) while the market develops. “Version 0.0”, as the drafted rules have been dubbed, is meant to bring clarity to the utilisation of the global digital payment method and “allow traders to plan for their future”.
After initially banning the use of cryptocurrencies such as Bitcoin, the CBI now recognises the digital payment method as legitimate. It is also laying the groundwork for a future Iranian digital currency that it intends to launch.
7.2​ Forex platform
Iranian forex platform Nima surpasses €7.1bn in liquidity
Iran’s forex management system for imports and exports, formally known as the Forex Management Integrated System (Nima), has to date supplied more than €7.197bn in hard currency for imports of basic goods, Mehr News Agency has reported.
Nima was launched earlier last year in a bid to retain capital for import and export trade within a formal trading system while Iran fights the economic consequences caused by the reimposition of heavy US sanctions on Tehran, including the severe collapse in the value of the Iranian rial (IRR). Despite teething problems, use of the ringfenced system has grown with more and more companies being given permits to sell and buy currency.
The expansion of Nima follows a push by the Central Bank of Iran, announced on May 20, to bring in more foreign exchange from the petrochemical sector. Based on a directive, the petrochemical sector must now inject 60% of its foreign earnings into Nima.
Non-petrochemical exporters should inject 50% of their foreign earnings into Nima.
Petrochemical companies' export earnings account for the most revenues accrued by Iran from non-oil exports.
36​ IRAN Country Report​ November 2019 www.intellinews.com