Iran approves regulations to authorize the use of cryptocurrencies for imports.
- Iran approves use of cryptocurrencies for imports
- Also regulations include power supply for mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created.
- Already made a cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. purchase of imported cars
Iran approved regulations authorizing commercial transactions with cryptocurrencies. Thus, it officially approved the use of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets for imports.
The regulations on cryptocurrencies include the authorization to use cryptocurrencies for imports. In addition, these regulations also authorize the supply of fuel and electricity to the mining industry Iran’s Tasnim news agency reported, citing the Minister of Industry, Mines and Trade, Reza Fatemi Amin.
The Central Bank of Iran also agreed that imports can be processed in cryptocurrencies. People can now even import cars using digital assets instead of U.S. dollars or euros, according to the report.
Iran announced that it completed its first cryptocurrency-based order, for a value of USD $ 10 million, on August 9, 2009. . This is a purchase of imported vehicles. At the time, the country’s Ministry of Industry, Mines and Trade said it would significantly expand the use of cryptocurrencies for import by the end of September.
After the import financed with cryptocurrencies, the Iran Import Association called for clear regulatory parameters to ensure that local companies and importers are not hampered by changing directives.
The minister noted that the new regulations specify all issues related to cryptocurrencies, including the process for granting licenses, as well as the provision of fuel and power to mining operators in the country.
Iran’s crypto moves come as the U.S. announced a new round of sanctions against the country’s oil companies in early July. In fact, Iran was the most sanctioned country in the world in March this year. However, the country lost that spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. after the U.S. and its allies announced multiple sanctions against Russia following its invasion of Ukraine.
According to media reports, Iran’s positive turn towards crypto is largely seen as a move to circumvent U.S. sanctions. . and evade trade embargoes.
U.S. lawmakers have expressed concern about the use of cryptocurrencies as a tool to evade sanctions, citing the possibility that heavily sanctioned Russian entities may be using them.
In June, Iran cut off electricity to 118 legal crypto mining sites due to the energy crisis.
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