- Iran has legalized the use of cryptocurrencies for imports.
- The law, which the Minister of Industry, Mines and Trade called comprehensive and detailed, contains new regulations on cryptocurrency mining.
- The country has been subject to severe sanctions since 1979 and previously relied on US dollars and euros for trade.
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Iran’s Minister of Industry, Mines and Trade, Reza Fatemi Amin, has declared that the government’s new cryptocurrency law will allow Iranian companies to import goods using cryptocurrencies instead of US dollars and euros.
Iran Enables International Crypto Payments
Iran is moving forward with plans to enable cross-border payments in cryptocurrencies.
Minister of Industry, Mines and Trade of Iran Reza Fatemi Amin announced in the auto industry on sunday Exhibiting in Tehran that the government has passed a comprehensive and detailed law to regulate the use of cryptocurrencies for trading.
“All issues related to crypto assets, including how fuel and energy are provided [for mining], a method was devised to allocate and grant licenses,” Amin said. The law, drawn up between the Ministry of Industry and the Central Bank of Iran, will allow cryptocurrencies to be used to pay for imported goods. The law applies not only to Iranian financial institutions and industry leaders, but also to local businesses.
Iran has so far relied solely on US dollars and euros for cross-border payments. The country has been subject to US sanctions since 1979. After Iran refused to halt its uranium enrichment program in 2006, sanctions became her one of the toughest in the world. iran international We expect cryptocurrencies to be used to evade sanctions and enable transactions with other blacklisted countries such as Russia.The Central Bank of Russia has already shown We were open to the idea of using cryptocurrencies for international payments.
Alireza Peyman-Pak, Iran’s Deputy Minister of Industry, Mines and Trade, said on Aug. Declared That the country used cryptocurrencies to process its first imports. The order was worth $10 million. Peyman-Pak also said that by the end of September, “the use of cryptocurrencies and smart his contracts will be widespread in trade with the target countries.”
Iran is also attractive to Bitcoin miners due to its low electricity prices. The Iranian government officially legalized bitcoin mining in 2019, but with the caveat that mining equipment should be turned off during “peak consumption periods.” Policy he is like one. adoption By Texas on its own mining.
Disclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies.