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Iranian institutions can now use cryptocurrency for imports

Legal

www.thecoinrepublic.com 28 April 2021 00:33, UTC
  
Reading time: ~2 m

  • Cryptocurrency payments are now allowed in Iran to pay for imports
  • Iranian regulated banks and forex can now use cryptocurrency as payments
  • Only crypto coins mined by the sanctioned miners can be used for payments
  • Iran is also planning to issue a bill in which a new mechanism for crypto-related activities will be laid out

Cryptocurrency market is soaring and attracting mainstream attention and adoption globally. On Saturday, the Central Bank of Iran (CBI) reportedly allowed financial institutions, banks, and forex to use virtual assets to pay for imports. Hence, now the Iranian money changers and banks of the CBI’s regulatory framework can make crypto payments. However, the central bank has only allowed using such currencies that the sanctioned miners of the country mine. 

Cryptocurrency payments authorized in Iran

In Iran, banks and forex regulated by the Central bank of Iran can now use cryptocurrency. However, the institutions can only use such digital assets that the sanctioned miners of Iran mine. According to a few local news outlets, such institutions can now be able to pay for goods and services to other countries. However, the payments can be made for a bid to circumvent the United States economic sanctions.

CBI will now purchase all mined cryptos

To allow crypto payments for imports to several Iranian central banks authorized financial institutions, the central bank will purchase all cryptos. According to the latest proposed measures, the CBI and the Iranian Ministry of Energy require sanctioned cryptocurrency miners to sell all the mined coins to the central bank directly. Moreover, it is known that the crypto industry of Iran could generate $2 million worth of day revenue. 

To cope up with the amendment, the local government has published more than 1k licenses to crypto miners. Among the miners 1miner, one of the biggest miners from Turkey has also received a permit.

On the other hand, Iran has also allowed the power plant to enable mining operations and grant exclusive access to the miners.

Iran to pass a law with a new mechanism for cryptos

According to Mohammadreza Pourebrahimi, the head of the economic commission, they have done comprehensive research on activities related to cryptocurrency. It is expected that the research will present its research by next week. 

Moreover, it is also expected that Iran is planning to issue a bill in which a new mechanism of cryptocurrency-related activities will be laid out. And the act will define the obligations of administrative bodies.


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