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Iranian Businesses Get the Green Light to Use Cryptocurrencies to Pay for Imports

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According to local media reports, Iranian Trade Minister Reza Fatemi Amin confirmed that detailed rules had been approved to govern the use of cryptocurrencies for trading, and supplying fuel and electricity to Bitcoin and altcoin miners in the country.

Amin spoke about the changes in legislation at an auto industry show on Sunday. A week ago, Iran registered the first official order for the import of goods worth $10 million in cryptocurrency. The Iran’s Trade Ministry had previously stated that the use of cryptocurrencies and smart contracts would be widely applied in foreign trade by September 2022.

Following this event, the Iran’s Import Association called for the development of clear regulatory parameters so that local businesses and importers were not constrained by the changing directives.

The minister noted that the new rules also spelled out the process for issuing licenses and the procedure for providing fuel and energy to mining operators in the country.

In June 2021, the Ministry of Industry, Mining and Trade of Iran issued licenses for the operation of 30 crypto mining centers in the country and 2,579 permits for the establishment of new industrial enterprises for the mining of cryptocurrencies throughout the country. In the following months, the government also took action to crack down on illegal mining operations and even introduced a three-month mining ban to reduce the load on the national electricity grid.

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