Iran implements rules allowing businesses to use crypto for import trade transactions News ▸ Iran ▸ Regulation
Iran implements rules allowing businesses to use crypto for import trade transactions
Iran will allow any local business that imports goods to pay for their transactions via cryptocurrency in lieu of the dollar or euro.
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Updated: Aug. 30, 2022 at 11:41 am UTC
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The administration of Iran has passed a set of regulations on trade transactions with cryptocurrencies, according to Reza Fatemi Amin, minister of industry, mines, and trade.
Amin made the announcement at an automotive industry exhibition in Tehran on August 29, where he noted that the new law defines regulations on cryptocurrencies, including how to supply fuel and energy for cryptocurrency mining and how to grant licenses.
The minister said any imports of goods can be processed via cryptocurrency transactions instead of the dollar or euro under an agreement between the Ministry of Industry and the Central Bank of Iran.
The announcement comes after Iran’s Trade Development Organization (TPO) registered its first-ever official import order worth $10 million for importing cars using cryptocurrency on August 9.
In similar news, Iran has attracted an increasing number of cryptocurrency miners over the past few years.
According to a May 2021 Reuters report, around 4.5% of global bitcoin mining occurs in Iran due to cheap electricity, which allows the country to circumvent trade embargoes and lessen the impact of sanctions. In turn, opening the country up to the international financial system.
The new regulations could enable Iran to bypass U.S. sanctions imposed on the country since 1979.
The Department of State’s Office of Economic Sanctions Policy and Implementation currently oversees several U.S. sanctions that restrict various commercial trades between U.S. companies and Iran.
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Cynthia Chung
Cynthia is an avid writer who is fascinated by the potential of blockchain tech. She also resonates with Web3 values, especially creative expression and individual autonomy. Since discovering crypto in 2019, she has dedicated her work towards reporting on developments in the blockchain and crypto space.
