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Iran central bank (CBI) has authorized banks and currency exchangers to use cryptocurrencies mined by licensed crypto miners in the country to pay for imports. Three years back, the Central Bank of Iran had banned domestic banks and its citizens from dealing in cryptocurrencies amid money laundering and financing risks narrative.
Banks and Currency Exchangers Can Now Use Crypto to Pay for Imports
The Central Bank of Iran (CBI) has announced that banks and licensed offices of currency exchanges can now use cryptocurrencies via domestically mined coins to pay for imports.
The regulation has been approved by the Supreme Council of Combating and Preventing Money Laundering reports the Financial Tribune.
“The central bank says that lenders and licensed currency exchange offices have been notified about the regulatory framework for crypto payment.” the report adds
Meanwhile, a bill is currently being drafted in the country to provide regulatory clarities regarding crypto-related activities.
In April 2018, the Central Bank of Iran banned banks and its citizens from dealing in cryptocurrencies.
Currently, the country’s industry mining is appointed to be in charge of mining cryptocurrencies. In July 2020, the country issued permits for 14 cryptocurrency mining centers, each with a capacity of 300 megawatts.
Iran Recognizes the Potential of Crypto
Back in October 2020, the government of Iran amended its cryptocurrency regulations to enable legalized crypto mining to be used for imports. Proposed by the Central Bank of Iran and Ministry of Energy, the measure required licensed cryptocurrency miners to sell their mined coins directly to the central bank.
Since then the country has issued over 1,000 licenses to cryptocurrency miners. Meanwhile, Iranian power plants were allowed to mine cryptocurrencies with miners receiving exclusive access to electricity generated from them.
Iran is currently involved in the potentials of blockchain and cryptocurrencies into its financial system. For instance, its presently working on making banks able to use the tokens as a payment instrument in transactions and banking settlement at the first phase of its blockchain banking infrastructure.