Iran Allows Bitcoin and Crypto Payments for Imports
As per the local news outlet Tasnim, Iran has approved laws permitting the utilization of Bitcoin and other cryptocurrencies for settling import bills within a comprehensive legal structure.
According to Minister Fatemi Amin, the authorization was an outcome of a deal between the Ministry of Industry and the Central Bank, indicating a cross-departmental consensus on the viability of bitcoin as an overseas payment method.
As per the source, Reza Fatemi Amin, the Iranian Minister of Industry, Mine, and Trade, noted that the newly enacted legislation creates cryptocurrency regulations, addresses supply issues for mine fuel and electricity rates, and permits the state departments to use cryptocurrencies.
In addition, Fatemi Amin announced that local businesses will be permitted to import autos utilizing bitcoin instead of the U.S. dollar or the euro. Tasnim stated that the move was in response to a 9 August announcement by the head of Iran’s Trade Promotion Organization (TPO) that the nation had placed its first bitcoin-based import order. Supposedly, the order was valued at over $10 million.
One may thus infer that Iran is making this radical shift in order to take a much more stable and long-term position on bitcoin and other digital currencies.
In May 2021, Iran halted bitcoin mining, alleging power grid concerns. During the same period, the Iranian central bank barred the trading of foreign-produced cryptocurrencies. In October 2021, the mining prohibition was lifted, only to be reintroduced in December 2021 due to power grid issues.