Iran's information technology minister has proposed transforming the Persian Gulf island of Kish into an international hub for the exchange of cryptocurrencies. Iran plan to create a financial free zone in Kish that has already attracted cryptocurrency miners.
The island of Kish is a popular tourist destination in the Persian Gulf, with numerous shopping malls and hotels. The island's permanent population consists of around 40,000 inhabitants.
Electric power generated on the island cannot be transferred to the mainland and crypto miners can use excess power to mint digital coins, Financial Tribune noted. According to its report, 12 cryptocurrency farms are already operating in the island's Kish, Maku and Aras free trade zones, as well as in the Payam Special Economic Zone in Alborz province, the Shiraz Bushehr and Rafsanjan special economic zones.