Iranian firms will use crypto for business

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.

Bypassing sanctions

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.