The Iranian government has confirmed a set of crypto regulations. The “detailed and comprehensive” law by the administration offers a cryptocurrency regulatory framework, including crypto mining and digital assets’ authorized usage.
Iran Finalizes Cryptocurrency Regulations
The minister of Trade, Industry, and Mines, Reza Fatemi-Amin, told reporters (during the Tehran automotive industry event on Sunday) that the Iranian administration assessed all facets related to crypto and accepted a set of crypto regulations.
He highlighted that the government ratified a “detailed and comprehensive” law on crypto regulations, including electricity and fuel usage in cryptocurrency mining and licensed crypto usage. That’s according to Tasnim news agency.
The minister confirmed that the agreement between the CBI (central bank of Iran) and his ministry allows crypto usage to pay for imported goods. He added that regional businesses could use crypto to import cars instead of the euro or the US dollar.
The crypto usage to pay for imported goods seems like a strategy to evade the US sanctions on the Iranian banking and finance sector. That way, Iran can complete business transactions with other US-sanctioned nations, including Russia.
The Iran International publication quoted minister Fatemi-Amin stating that the law devised all problems associated with cryptocurrencies, including how to offer mining energy and fuel and grant and assign licenses.
Alireza Peymanpak, Iran’s Ministry of Mine, Trade, and Industry vice minister and president of the nation’s TPO (Trade Promotion Organization), revealed that the initial import order succeeded with crypto worth $10M. He added that smart contracts and crypto usage would spread in international trade with target nations by September-end.
Fatemi-Amin stated that most mining farms operate unlicensed in Iran. Meanwhile, the regulator has previously authorized some miners. Nevertheless, the country subsequently halted the mining operations. The new regulatory module will see the government issuing crypto mining licenses.
Iran boasts a complex relationship with digital coins. The CBI banned cryptocurrency trading in the nation in August 2019. However, the government changed the course, allowing crypto payments (BTC) for imported goods. Meanwhile, authorities are yet to disclose which other crypto is legal under the new law.
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