Despite international trade sanctions being imposed on Iran, the Ministry of Industry, Mines, and Trade has approved the use of cryptocurrency as payment for imports.
In accordance with local media, Iran’s Minister of Commerce, Reza Fatemi Amin, has confirmed that the government has approved stringent rules governing the use of cryptocurrencies in commercial transactions, as well as the provision of resources like electricity and fuel to cryptocurrencies and Bitcoin (BTC) miners.
The Minister of Commerce of Iran has given his approval for import companies to use cryptocurrency, which has been approved by the government.
On Sunday, while attending a convention devoted to the automotive industry, the Minister addressed the shift in the regulatory agenda. This happened only a week after the country’s first import order, for up to $10 million in automobiles, was placed using bitcoin as payment.
The Iranian Ministry of Commerce has previously stated that beginning next month, smart contracts and cryptocurrency will be implemented with a primary focus on international trade. Following the import that included cryptocurrency finance, the country’s import association called for an open agenda for regulation to ensure that local importers and businesses are safe.
Cryptocurrency Saves Iran’s Economy from International Trade Sanctions
The minister has claimed that all cryptocurrency-related issues, such as the issuance of permits and the provision of energy and fuel to Iranian mining firms, are covered by the new legislation. It is already evident that local firms will be able to buy cars and a wide variety of imported goods using cryptocurrency as payment rather than the traditional ways of payment such as the euro or the US dollar.
Industry in Iran has been hit hard by international trade sanctions adopted mostly in response to the country’s nuclear program. As a result of these sanctions, It is no longer accessible through any banking system on the planet. Since then, Iran has switched its focus toward crypto to trade as well as bypass the sanctions placed on imports.
Since Ethereum, Bitcoin, and similar open blockchains are decentralized, they are immune to regulation from governments. Thirty cryptocurrency mining operations in Iran have been granted business licenses since June of last year, when the country’s Ministry of Industry, Mines, and Trade made the announcement.