Iran’s Industry, Mines, and Trade Ministry have supported using cryptocurrency for imports into the country amid ongoing international trade sanctions.
As stated by local news reports, Trade Minister Reza Fatemi Amin assured that detailed regulations had been approved outlining the usage of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin (BTC) and crypto miners in the country.
Amin outlined the regulatory transition at an automotive industry presentation on Sunday, just a week after the country had set a first-ever import order for vehicles to the tune of $10 million, utilizing cryptocurrency as a payment method. The Iranian trade ministry had indicated that cryptocurrencies and smart contracts would be widely employed in foreign trade by September 2022.
Following the cryptocurrency-funded import, Iran’s Import Association named for clear-cut regulatory parameters to guarantee that local businesses and importers are not hamstrung by moving orders.
The minister noted that the new regulations specify all matters related to cryptocurrencies, covering the process of granting permissions and delivering fuel and energy to mining operators in the country.
It is apprehended that local businesses will be capable of importing vehicles into Iran and a spectrum of different imported goods using cryptocurrencies rather than United States dollar or euro payments.
International trade embargoes against Iran have been largely caused by resistance to its nuclear program, which has cut the country out of the global banking system.
Iran has since turned its concentration to embracing cryptocurrencies to address and potentially avoid sanctions for imports, given the decentralized character of public blockchains like Bitcoin and Ethereum, which are not governed by government or central authorities.
On Thursday, oil prices were mixed amid speculation that the US would soon restock its…
Microsoft has inked a renewable energy deal with Brookfield Asset Management with hopes of powering…
Asian stocks traded higher on Friday, with the tech sector taking the lead following better-than-expected…
Tesla has reportedly retreated from its ambitious plan for innovations in gigacasting its developing manufacturing…
Dukascopy Bank SA noted a net profit of CHF 1.3 million last year amidst market…
On Wednesday, cocoa prices plunged after a liquidity crunch forced traders and speculators to postpone…
This website uses cookies.