The Central Bank of Iran (CBI) has reportedly begun a pilot for its central bank digital currency (CBDC), also known as “crypto rial.” Iran’s chamber of commerce explained that the “crypto rial has been designed in a way that is easy to track, and even if the data on the smartphones are hacked, the crypto […]
The government of Iran has finalized a set of cryptocurrency regulations. A “comprehensive and detailed” law ratified by the administration provides a regulatory framework for cryptocurrency, including their authorized usage and crypto mining, a government official reportedly said. Iran Finalizes Crypto Regulations The Iranian government has evaluated all issues relating to cryptocurrencies and approved a […]The administration of Iran has passed a set of regulations on trade transactions with cryptocurrencies, according to Reza Fatemi Amin, minister of industry, mines, and trade.
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Iran’s Trade ministry has approved the use of cryptocurrency payments for imports in a bid to bolster trade in the country.
Iran’s Industry, Mines and Trade ministry has approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions.
According to local news reports, trade minister Reza Fatemi Amin confirmed that detailed regulations have been approved outlining the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin (BTC) and crypto miners in the country.
Amin outlined the regulatory change at an automotive industry exhibition on Aug. 28, just a week after the country had placed a first-ever import order for vehicles, to the tune of $10 million, using cryptocurrency as a payment method. The Iranian trade ministry had previously indicated that the use of cryptocurrencies and smart contracts would be widely used in foreign trade by September 2022.
Following the cryptocurrency-funded import, Iran’s Import Association called for clear-cut regulatory parameters to ensure that local businesses and importers are not hamstrung by shifting directives.
The minister noted that the new regulations specify all issues related to cryptocurrencies, including the process to grant licenses as well as the provision of fuel and energy to mining operators in the country.
It is understood that local businesses will be able to import vehicles into Iran and a range of different imported goods using cryptocurrencies instead of U.S. dollar or euro payments.
Related: Iran to stiffen penalties for illegal use of subsidized energy in crypto mining
International trade sanctions against Iran have been largely due to opposition to its nuclear program, which has essentially cut the country out of the global banking system.
Iran has since shifted its attention to adopting cryptocurrencies as a means to address and potentially bypass sanctions for imports, given the decentralized nature of public blockchains like Bitcoin and Ethereum, which are not controlled by government or central authorities.
The Iranian industry, mines and trade ministry granted operating licenses to 30 crypto mining centers in the country in June 2021, while more than 2,500 permits were approved for the establishment of new mining operations. In the months that followed, the government also cracked down on illegal mining operations and even imposed a three-month ban on mining to alleviate pressure on its national grid.
Iranian authorities have seized nearly 10,000 illegal cryptocurrency mining devices since March. According to reports, many of the seized crypto mining rigs were operating in public locations that receive free or heavily-subsidized electricity, such as schools and mosques. Iran Confiscates Nearly 10K Crypto Mining Devices Kambiz Nazerian, head of Tehran Electricity Distribution Company, said Monday […]
Iran’s association of importers has stressed the need for a stable regulatory framework for cryptocurrencies now that the Iranian government is officially using crypto to pay for imports. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” a government official said. Imports Association: […]
Traders from Iran were banned from Binance’s exchange in November 2018. The company has been utilizing Reuters WorldCheck for KYC
Fines for illicit mining actions have been raised by 400 percent. First-time offenders would be denied access to subsidized energy
The recently reintroduced seasonal ban on cryptocurrency mining has provoked backlash from the local crypto community. This week, the country’s power distribution company ordered miners to suspend activities citing electricity shortages during the hot summer months. Restrictions on Crypto Mining Are Ousting Iran From Global Coin Minting Industry, Critics Say After last year crypto miners […]
Salehabadi said the pilot project would begin in one of the countries’ provinces. Only the monetary authority can issue and
