Iran Authorizes Banks And Currency Exchangers To Use Cryptocurrencies To Pay For Imports – Bitcoin News Regulation

The Central Bank of Iran has authorized banks and exchange offices to use cryptocurrencies mined by licensed crypto miners in the country to pay for imports. In the meantime, a bill is being drafted to clarify the regulations regarding crypto-related activities.

Using cryptocurrencies to pay for entries

The Central Bank of Iran (CBI) has announced that banks and licensed currency exchangers can use cryptocurrency mined by licensed crypto-miners in Iran to pay for imports, the Financial Tribune reported on Saturday. The publication described:

The central bank says licensed lenders and bureaux de change have been briefed on the regulatory framework for crypto payments.

Last October, the Iranian government changed its cryptocurrency regulations to allow the country’s central bank to fund imports with bitcoin legally mined in the country. Licensed crypto miners are required to sell their coins directly to the central bank. The measure has been proposed by the CBI and the Ministry of Energy.

Iran has issued more than 1,000 licenses to crypto miners, including one to Turkish bitcoin mining giant Iminer. Power plants in Iran are allowed to mine cryptocurrencies, and bitcoin miners have been given exclusive access to electricity generated by three of them. In January, Iran shut down 1,620 illegal crypto mining companies.

Meanwhile, Mohammadreza Pourebrahimi, head of the economic commission, said the commission has conducted an extensive investigation into crypto activity in Iran and will present its results next week.

“We are planning a bill outlining a new mechanism for cryptocurrency-related activities,” said Tasnim News Agency.

The bill will define the obligations of governing bodies, namely the Central Bank of Iran and the ministries of ICT, Industry, Energy and Economy.

What do you think about this new central bank guideline on using cryptocurrencies to pay for imports? Let us know in the comments below.

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