Iran to Accept Crypto Mining as Industry

However, the regulatory framework for mining has not yet been developed
05 September 2018   720

According to the Secretary of the Supreme Council of Iran on cyberspace Abolhassan Firouzabadi, the government of the country recognized the cryptocurrency mining as a separate industry. This is reported by the local agency IBENA.

The official noted that the cryptocurrency mining was recognized as a separate industry by such departments as the Ministry of Information and Communication Technologies, the central bank, the Ministry of Industry, Resources and Trade, the Ministry of Energy and the Ministry of Economy and Finance. However, the regulatory framework for mining has not yet been developed.

It is also reported that the National Center for Cyberspace of Iran and the Central Bank of the country will submit final rules for the creation of blockchain startups, crypto trading and other activities related to cryptocurrencies before the end of September.

Abolhassan Firouzabadi added that Iran's national cryptocurrency can be used as an instrument of payment with economic partners and friendly states, and will also circumvent US sanctions.

At the end of August, the National Center for Cyberspace of Iran announced the completion of work on the draft national cryptocurrency.

Huobi to Issue Loans for Miners

This is the part of services that will be available for russian clients of the crypto exchange
19 November 2018   54

Huobi, which opened an office with 30 employees in Moscow on November 12, expects to give Russian users access not only to trading functionality, but also something more. This reported by CoinDesk.

As previously reported, a new call center with Russian-language support opens on the basis of the Russian division, which in itself distinguishes Huobi against the background of such exchanges as Binance, OKEx and Bitfinex, which are currently not ready to provide support to users in Russian.

In addition, through the Russian division of Huobi will implement over-the-counter trading (OTC) and listings, as well as provide personal managers for large customers, its head Andrei Grachev said. .

Initially, Huobi’s plans were even more ambitious - the exchange wanted to give users the opportunity to make deposits in Russian rubles, but local experts did not advise it to do so.

They consulted with us a lot, and in the end, I think, we made them feel disappointed. They were interested in providing fiat operations, but we told them it’s impossible.

Vladimir Demin

Head of the Center of Digital Transformations, Russian government-owned development bank Vnesheconombank

Nevertheless, Russian users will be able to buy cryptocurrency for rubles through an over-the-counter service, and then transfer it to their trading accounts, Grachev said. The over-the-counter platform is already functioning, but for the time being it is used by very few users from Russia, so Huobi expects to attract new customers to its proposal with a favorable commission rate.

In addition, Huobi intends to issue loans to miners for the purchase of specialized ASIC equipment and lease premises for their placement. According to Grachev, the service can earn in the first quarter of next year.