Iran has finally given a green signal to the use of cryptocurrency for imports into the country amid ongoing international trade sanctions.
This approval came from the Iranian Ministry of Industry, Mines and Trade.
Commerce Minister Reza Fatemi Amin has confirmed that these fairly detailed regulations have been approved and are in line with the use of cryptocurrencies for trading and the supply of fuel and electricity to Bitcoin and crypto miners. in the country.
The regulatory change was mentioned at the auto industry expo that took place a week later, when Iran placed its first-ever vehicle import order worth almost 10 million. of dollars, paid by cryptocurrency as a method of payment.
Iran’s Ministry of Commerce had previously mentioned that cryptocurrencies and smart contracts would gain popularity in foreign trade by the end of this year.
Commerce Minister Fatemi Amin said the clearance came under an agreement between the Ministry of Industry and the Central Bank.
This meant a cross-departmental consensus on bitcoin as an international means of payment.
Iran Protects Crypto Investors
Right after the import, the Iran Import Association insisted on clear regulatory measures that would ensure that businesses and importers in the country would not be confused due to changes in the guidelines.
The new regulations are supposed to clarify all issues related to cryptocurrencies, it includes the licensing process as well as the supply of oil and mining operators in the country.
The nation previously banned bitcoin mining due to environmental concerns as there remains a power grid issue.
Iran’s central bank also halted trading in crypto that was mined outside the country, all within the same month.
Now, local businesses will be able to import vehicles into Iran as well as other ranges of different import goods using digital assets and without having to use US dollar or Euro payments.
Iran is trying to become crypto adoptive
International trade sanctions against Iran have been opposed mainly because of the nuclear program, which had isolated the country from the global banking system.
The need to embrace digital assets has arisen since Iran kept itself out of the global banking system.
To address and circumvent sanctions for imports, Iran has attempted to embrace crypto given the decentralized nature of public blockchains like Bitcoin and Ethereum which are not controlled by central authorities.
Last year, in June, the Iranian Ministry of Industry, Mines and Trade granted operating licenses to 30 crypto mining centers in Iran.
In addition, over 2,500 permits have been approved to establish new mining operations.
The government has also cracked down on illegal mining operations and also imposed a three-month ban on mining to ease the pressure on the national grid.
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