Iran allows buying imported goods for cryptocurrency

The country’s authorities have passed a law defining the procedure of trade operations with digital assets and the supply of energy resources for mining

30.08.2022 - 08:15

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What’s new? Iranian authorities have allowed local companies to pay for imported goods with cryptocurrency. This is reported by the news agency Tasnim, citing statements by Iranian Industry Minister Reza Fatemi Amin, made at an exhibition of the automotive industry in Tehran.

News on the Tasnim News Agency website

What decisions have been made? Reza Fatemi Amin stressed that the Iranian administration has ratified the comprehensive and detailed law that defines the rules for dealing with cryptocurrencies, as well as the supply of fuel and electricity for mining.

In addition, an agreement reached between the Ministry of Industry and the Central Bank of Iran (CBI) already allows businesses to import cars using cryptocurrencies instead of the US dollar or euro to pay.

In early 2022, the CBI and the Ministry of Trade reached an agreement to connect the CBI’s payment platform to a market system. It will allow businesses to make international payments using cryptocurrencies.

On August 9, the country recorded its first import order using cryptocurrency as a payment method. The total amount of the transaction was about $10 million.

In May 2018, the US authorities re-imposed sanctions against Iran. In this, Reuters journalists reported that crypto exchange Binance continued to serve trades of Iranian clients bypassing the restrictions until September 2021.

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