Traders in Iran will be able to use cryptocurrency for imports


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Iran recently placed an order for the import of vehicles worth around one million dollars, paid for in cryptocurrency

A positive step has been taken in Iran for cryptocurrency. The government of Iran has allowed the use of cryptocurrencies for imports amid foreign trade restrictions. Due to Iran’s nuclear program, many countries, including the United States, have imposed sanctions against it. This makes it difficult to pay for Iran’s imports.

According to local media reports, Trade Minister Reza Fatemi has confirmed that regulations related to the use of cryptocurrency for business and the supply of fuel and electricity to crypto miners have been approved. Iran has recently placed an order of about one million dollars worth of import of vehicles paid in cryptocurrency. Earlier, the Ministry of Trade said that the use of cryptocurrencies and smart contracts in foreign trade will be increased by September. The Import Association of Iran demanded to set regulatory criteria related to the use of cryptocurrency for import.

It is believed that Iranian businessmen will be able to use cryptocurrencies instead of paying in dollars or euros for the import of vehicles and other goods. Iran is out of the global banking system due to international sanctions. However, Iran trades with some countries including India. India is among the major countries that buy crude oil from Iran. Some items of Iran are also exported from India.

In June last year, Iran’s Ministry of Industry, Mines and Trade granted licenses to around 30 crypto mining centers. However, after this, illegal crypto mining was clamped down. A three-month ban on mining was also imposed after electricity supply was affected due to crypto mining. Iranian authorities have launched a campaign against illegal crypto mining in the past few months. Under this, more than 9,000 illegal crypto mining devices have been seized since March. Many of the seized mining rigs were in public places where free or subsidized electricity is provided. Regarding this, the head of Tehran Electricity Distribution Company, Kambiz Nazerian, said that illegal crypto mining devices have been seized from Tehran and its surrounding areas.


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