Cryptocurrencies

Iran Amends Law to Allow Imports to Be Funded With Cryptocurrency

Tehran, Iran

Strapped for international currencies, Iran is turning to cryptocurrency to allow imports to continue to flow.

  • Citing an article from The Islamic Republic News Agency (IRNA), Iran Daily reported earlier this week the country’s cabinet has amended recent legislation on digital assets to allow cryptocurrency to be used for import funding by the Central Bank of Iran (CBI).
  • The amendment had been jointly proposed by the CBI and the cabinet previously.
  • The change means legally mined cryptocurrency in Iran can only be exchanged if used to fund imports from other nations.
  • Miners will supply the cryptocurrency directly to the CBI within an authorized limit, per IRNA’s report.
  • This would be based on how much subsidized energy a miner uses, as well as instructions to be published by the Ministry of Energy.
  • Cryptocurrency has become increasingly important in Iran as the nation suffers from economic woes brought by U.S. sanctions and the coronavirus pandemic.
  • Mining was legalized last year, however the industry is heavily regulated by the government making it a tough jurisdiction in which to operatate.
  • Iran Daily suggested that using bitcoin for import payments could help the nation avoid sanctions that impose limits on Iran’s access to the dollar.

Also read: Iran Is Ripe for Bitcoin Adoption, Even as Government Clamps Down on Mining

Related Stories

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Cryptocurrencies Videos

CoinDesk

CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Its mandate is to inform, educate and connect the global community as the authoritative daily news provider dedicated to chronicling the space. Founded in May 2013, CoinDesk reaches millions interested in blockchain technology thru its website, social media, newsletters, podcasts and video. CoinDesk created the original reference rate known as the Bitcoin Price Index which is widely sourced in the media including The Wall Street Journal, Financial Times, CNBC and many others on a daily basis.

Learn More