Iran has officially granted the go-ahead for using cryptocurrencies for imports while international trade restrictions are in effect.
Reza Fatemi Amin, Iran’s Minister of Industry, Mines, and Trade, confirmed that these specific laws have been authorised and are consistent with the usage of cryptocurrencies in trade and the provision of fuel and power for Bitcoin and crypto miners.
The legislative reform was discussed at an event for the car sector a week before Iran made its first-ever import order for over $10 million worth of vehicles, paid via cryptocurrency.
این هفته، اولین ثبت سفارش رسمی واردات با #رمز_ارز به ارزشی معادل ۱۰ میلیون دلار با موفقیت صورت پذیرفت. تا پایان شهریور ماه، استفاده از رمز ارزها و قراردادهای هوشمند به صورت گسترده در تجارت خارجی با کشورهای هدف عمومیت خواهد یافت. #فصل_جدید_تجارت_خارجی
— علیرضا پیمان پاک🇮🇷 (@peymanpak_ir) August 9, 2022
Iranian ministry of commerce had earlier predicted that cryptocurrencies and smart contracts would gain popularity in international trade by the end of this year.
Minister of Trade Fatemi Amin indicated that the agreement between the Ministry of Industry and the Central Bank led to this authorisation. This implied an interdepartmental consensus on Bitcoin as an international payment method.
Iran Is Safeguarding Crypto Investors.
After the import, Iran’s Import Association demanded precise regulatory criteria to guarantee that the nation’s firms and importers were not confused by directive revisions.
The new laws are intended to address all crypto-related concerns, including the procedure for granting licences and the availability of fuel and mining operations in the nation.
The government has previously prohibited bitcoin mining due to environmental concerns, and there is still an issue with the electrical grid.
In the same month, the Iranian central bank prohibited the trade of cryptocurrency mined outside the nation.
Now, local firms can import automobiles and various other imports into Iran using digital assets rather than dollars or euros.
Iran Is Trying To Adopt Cryptocurrency.
International trade sanctions on Iran have been resisted primarily because of its nuclear program, which has cut it off from the banking system worldwide.
Iran’s exclusion from the international financial system necessitated the use of digital assets.
Iran attempted to adopt crypto because of the decentralised nature of public blockchains such as Bitcoin and Ethereum, which are not controlled by central authorities, to circumvent import prohibitions.
In June 2017, the Iranian Ministry of Industry, Mines, and Trade gave operating licences to thirty crypto mining centres.
In addition, almost 2,500 licences were issued to establish new mining activities.
The government clamped down on unlawful mining activities to reduce pressure on the national grid and put a three-month moratorium on mining.
