Cryptocurrency

Iran implements rules allowing businesses to use crypto for import trade transactions

According to Industry, Mines and Trade Minister Reza Fatemi Amin, the Iranian government has passed a series of regulations on trade transactions with cryptocurrencies.

Amin made the announcement at an automotive industry exhibition in Tehran on August 29, stating that the new law will deal with issues related to cryptocurrencies, such as how fuel and energy are supplied and licensed for cryptocurrency mining. You said you are defining regulations.

The minister said under an agreement between the Ministry of Industry and the Central Bank of Iran, imports of goods could be handled via cryptocurrency transactions instead of dollars or euros.

The announcement comes after Iran’s Trade and Development Organization (TPO) registered its first-ever official import order worth $10 million to import cars using cryptocurrencies on August 9.

In similar news, Iran has attracted more and more cryptocurrency miners over the past few years.

According to Reuters in May 2021 report, about 4.5% of global bitcoin mining takes place in Iran due to cheap electricity, allowing the country to circumvent trade bans and reduce the impact of sanctions. Then open the country to the international financial system.

The new regulations could allow Iran to circumvent sanctions imposed by the US since 1979.

Currently, the Department of State’s Office of Economic Sanctions Policy and Enforcement supervise Several US sanctions restricting various commercial transactions between US companies and Iran.

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