Iran Greenlights Bitcoin, Crypto Payments For Imports

Iran has now joined the movement, by passing legislation establishing a legal framework for bitcoin and other cryptocurrencies:


Iran passed an act which enables the use of Bitcoin and cryptocurrency payments for imports through a comprehensive legal framework, per a report from local news outlet Tasnim.

According to the report, Iranian Minister of Industry, Mine and Trade Reza Fatemi Amin revealed that the recently passed law defines regulations on cryptocurrencies, addresses supply concerns for fuel and electricity costs for mining and provides authorization for the administration to use cryptocurrencies.

Minister Fatemi Amin reportedly reiterated the authorization was an agreement between the Ministry of Industry and the Central Bank –– arguably suggesting a multi-departmental consensus on the viability of bitcoin as a means for international payments.

Additionally, Fatemi Amin also noted that local businesses will be able to import vehicles by using bitcoin, instead of the U.S. dollar or the euro. Tasnim highlighted the move comes on the heels of an August 9 announcement by the head of Iran’s Trade Promotion Organization (TPO) saying the country registered its first import order processed with cryptocurrency. The order was reportedly valued over $10 million.

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Master Asked on August 31, 2022 in Cryptocurrency.
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