Lawmakers are trying to steer clear of restrictive measures related to innovative technologies including cryptocurrencies, saying limitations on new technology is no solution.
“Taking a restrictive approach only pushes innovative solutions underground…This is what has happened in Iran’s cryptocurrency market. Our studies show that 50% of crypto activities are in the informal market. This is while supportive regulations can help enhance contribution of the digital currency to the economy,” Gholamreza Marhaba, the spokesman of the Majlis Economic Commission told Way2Pay, elaborating on the key commission’s recent research into cryptocurrencies.
The cent recommended a new approach to the cryptocurrency industry to be able to use it in improving the economy saddled with decades of sanctions, plunging revenues, misappropriation and mismanagement.  
Mining virtual currency is legal in Iran and miners are allowed to operate under rules approved by the government. However, trade in crypto is banned.
Results of the rare study, presented to the chamber last week, say cryptomining has the potential to help solve financial hurdles faced in particular by the energy sector.
“Iran accounts for a considerable portion of global crypto mining. Estimates may not be accurate but we cannot deny that the share is not small and is growing rapidly,” the MP added.
He said most concerns about the growth of cryptocurrencies are rooted in lack of sufficient knowledge and awareness.
Lower cost of electricity in Iran, thanks to the subsidies, is among the main objections to legalizing the industry. Hadi Nejad Beigi, MP, says that the Rouhani administration was reluctant to legalize
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