Iranian Businesses Are Allowed To Use Cryptocurrency For Imports

The trend of cryptocurrencies is increasing in the world. In this episode, the government of Iran has allowed the use of cryptocurrencies for import amid foreign trade restrictions. Because of Iran's nuclear program, many countries including the United States US have imposed sanctions against it. This makes it difficult for Iran to pay for the imports. Given the information in a local media report, it has been said that Trade Minister Reza Fatemi has confirmed that the regulations related to the use of cryptocurrencies for trade and the supply of fuel and electricity to crypto miners have been approved. Iran recently placed an order for nearly $10 million to import vehicles paid for in cryptocurrency. Earlier, the trade ministry had said that the use of cryptocurrencies and smart contracts in foreign trade would be increased by September. The Import Association of Iran has sought to set regulatory criteria for the use of cryptocurrencies for imports. It is believed that Iranian businesses will be able to use cryptocurrencies to import vehicles and other goods instead of paying in dollars or euros. Iran is out of the Global Banking System due to international sanctions.

In June 2021, the Iranian Industry, Mines, and Trade Ministry issued more than 2,500 permits for the building of new mining operations while also issuing operating licenses to 30 cryptocurrency mining facilities in the nation. In the months that followed, the government intensified its crackdown on unauthorized mining operations and even enacted a three-month mining ban to relieve the pressure on its national grid.