Iranian businessmen will be able to use cryptocurrencies for import

Iran’s government has allowed cryptocurrencies to be used for imports amid foreign trade sanctions. Many countries, including the US, have imposed sanctions against Iran because of its nuclear program. This makes it difficult for Iran to pay for the imports.

Local media reports that Trade Minister Reza Fatemi has confirmed that the regulations relating 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. However, Iran does trade with some countries including India. India is one of the major countries that buy crude from Iran. Some items are also exported from India to Iran.

In June last year, Iran’s Ministry of Industry, Mines and Trade granted licenses to about 30 crypto mining centers. However, after this the crackdown on illegal crypto mining was tightened. Mining was also banned for three months after crypto mining affected the supply of electricity. In the past few months, Iranian authorities have launched a campaign against illegal crypto mining. 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 electricity is provided free of cost or subsidized. In this regard, the head of Tehran Electricity Distribution Company Kambiz Nazerian said that illegal crypto mining devices have been confiscated from Tehran and its surrounding area.

Download the Gadgets 360 Android app and follow us on Google News for the latest tech news, smartphone reviews and exclusive offers on popular mobile phones.

Related news

Leave a Comment