Cryptocurrencies

Iran Central Bank to Allow Money Changers, Banks to Pay for Imports Using Mined Crypto

View of the Azadi Tower. Tehran, Iran.

Iran’s central bank is reportedly allowing the country’s financial institutions to use cryptocurrency, derived from sanctioned miners, to pay for imports.

According to a report by the Financial Tribune on Saturday, the Central Bank of Iran (CBI) has notified money changers and banks of its amended regulatory framework for crypto payments.

The amendment means those institutions will now be able to pay for goods and services from other countries in a bid to circumvent U.S. economic sanctions. Some say the local crypto mining industry could generate as much as $2 million a day in revenue.

Related: Bitcoin Options Market Eyes $4.2B Expiry on Friday

The bank had previously stipulated only digital assets for import funding could be used by itself and no one else. All miner’s coins had to be sold to the bank directly, as previously reported.

CoinDesk attempted to contact the CBI but did not receive a reply by press time.

See also: Iran Reportedly Seizes 45K Bitcoin Mining Machines After Closure of Illegal Operations

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