Iran’s crypto businesses finally get permission to use Bitcoin payments
Iran has now finally given the green light to the use of cryptocurrency for imports into the nation amid international trade sanctions.
This approval has come from Iran’s Ministry of Industry, Mines and Trade.
Commerce Minister Reza Fatemi Amin confirmed that these regulations, which are quite detailed, have been approved and were in sync 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 show which was just a week later when Iran had placed its first ever import order for vehicles costing almost 10 million dollars, paid through cryptocurrency as a payment method.
It was previously mentioned by the Iranian Ministry of Commerce that cryptocurrencies and smart contracts would have gained popularity in foreign trade by the end of this year itself.
Trade Minister Fatemi Amin stated that this authorization occurred as an agreement between the Ministry of Industry and the Central Bank.
This meant a multi-departmental consensus on Bitcoin as a means of international payments.
Iran Protects Crypto Investors
Immediately after the importation, Iran’s Import Association insisted on clear regulatory calculations that would ensure that the country’s businesses and importers are not confused by changes in the directives.
The new regulations are intended to specify all issues related to cryptocurrencies, it includes the process for granting licenses as well as the provision of fuel and mining operators in the country.
The nation had previously banned bitcoin mining due to environmental concerns as there is still a problem with the power grid.
Iran’s central bank also put a stop to trading of crypto mined outside the country, all in the same month.
Now, the local businesses will be able to import vehicles to Iran along with other series of different imported goods using digital assets and not having to use US dollars or Euro payments.
Iran is trying to become adoptive of crypto
The international trade sanctions against Iran have been opposed mainly because of its nuclear program, which had isolated the country from the global banking system.
The need to adopt digital assets came in ever since Iran stayed away from the global banking system.
To address and circumvent sanctions on imports, Iran sought to adopt crypto given the decentralized nature of public blockchains such as Bitcoin and Ethereum that are not controlled by central authorities.
Iran’s Ministry of Industry, Mines and Trade granted operating licenses to 30 crypto mining centers in Iran last year in the month of June.
In addition, more than 2,500 permits were approved to establish new mining operations.
The government also cracked down on illegal mining and also imposed a three-month mining ban to ease pressure on the national grid.
Featured image from Top Tech News Network, charts from TradingView.com
