Iran passes law regulating use of cryptocurrencies in foreign trade

The Ministry of Industry, Mining and Trade and the Central Bank of Iran have approved the use of cryptocurrencies as a payment instrument for imports into Iran.
According to Iranian media reports, Tehran has passed a law that defines the rules for the use of cryptocurrencies in the country’s foreign trade. Recall that earlier, on August 9, the head of Iran’s Trade Facilitation Commission said that the country managed to negotiate the first in its history, the shipment of goods to the country using cryptocurrencies as a tool for payment of the equivalent of 10 million dollars.
As commented on the new law in the Ministry of Industry, Mining and Trade of Iran, now entrepreneurs, not only banks and other financial market institutions in the country, will be able, for example, to import cars by paying for purchases using cryptocurrencies. The agency stressed that the legislation fully covers the licensing procedure for cryptocurrency mining activities in the country.
As a reminder, Tehran brought bitcoin mining into the country’s right field in 2019, determining that mining farms would have to shut down when there is an overall high demand for energy, such as during hot weather and mass use of air conditioning in stores and in the homes of residents. This is essentially a cooperative relationship with the miners, which Appears also, for example, in the U.S. state of Texas.
Recall that Iran has been under U.S. sanctions since 1979 and Tehran is trying to find ways to circumvent these restrictions.

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