Page 42 - IRANRptOct22

Authorities announce seizure of 9,400 illegal cryptocurrency mining devices in Tehran
Mehrdad Tavalti, spokesman for the Kish Island Hoteliers Association said, referring to the plans that could be realised if the airport trial is successful. The 91.5-square-kilometre (35.3-square-mile) Kish Island is hoping to benefit from its proximity to Qatar as the Qataris in November and December host the 2022 FIFA World Cup football tournament. Officials have worked on plans to host football tourists and even some of the teams that have made the finals, easing the load on Qatari facilities.
“Restrictions on payments and transferring funds, due to US sanctions, is a main challenge and cryptocurrencies should be an appropriate solution,” Tavalti added.
Iranian authorities have announced the seizure of 9,404 illegal cryptocurrency mining devices in Tehran since the end of March, Radio Farda reported on August 22.
Some of the power-thirsty cryptomining units operating in Iran are reportedly based in locations such as schools and mosques that are provided with free electricity. The country in general enjoys relatively low electricity prices thanks to heavy subsidies. This has driven up the allure of mining cryptocurrencies. Kambiz Nazerian, head of Tehran Electricity Distribution Company, was quoted as saying that the mining devices were discovered by inspectors in different districts of the Iranian capital. Recent years have seen the Iranian authorities regularly announce the finding of illegal cryptocurrency mining devices in different parts of the country.
In crypto ‘mining’, Bitcoin and other cryptocurrencies are created by powerful computers that compete to solve complex mathematical formulas or puzzles. The fact that US sanctions continue to prevent Iran from accessing the international financial system has also raised the attraction of the mining and use of cryptocurrencies among Iranians.
8.0 Financial & capital markets 8.1 Bank sector overview
Central Bank of Iran releases list of largest corporate debtors to state in banking
The Central Bank of Iran (CBI) on April 20 released a list of banks it classifies as the country's largest corporate debtors to the state in banking. It is a list that goes some way to bringing home the high levels of debt throughout the country’s monetary system.
The list is seen by some observers as an attempt by the Raisi administration to bring non-viable lending enterprises under government control under special measures or attempt to sell them on to new buyers.
It includes Eqtesad Novin Bank, Iran Venezeula Bank, Bank Pasargad, Post Bank, Bank Tejarat, Refagh Kargaran Bank, Bank Saman, Bank Sepah, Gharz al-Hasaneh Banks Mehr and Resalat, Bank Karafarin, Bank Keshavarzi, Tourism Bank and Bank Mellat, a release on the CBI website stated.
The banking debts were listed to “clear the way for transparency in the banking sector”, the release added, but the long list of both government-backed and private lenders underlines the severity of the internal financial crisis inside Iran. The CBI said that the accrued debts of the banking sector would from now on
42 IRAN Country Report October 2022 www.intellinews.com