Iran passed a law that allowed bitcoin to be used as payment for imports. It also established a framework for the asset, including mining regulations.
- Iran has adopted legislation to establish a legal framework for bitcoins and other cryptocurrencies.
- The new law allows cryptocurrency to be used by local and government authorities as payment for imports into the country.
- This law also covers fuel supply and electricity consumption for bitcoin mining.
According to Tasnim, Iran has passed an act that allows the use of Bitcoin and cryptocurrency payments in order to import goods.
According to the report, Reza Fatemi amin, Iranian Minister of Industry, Mine and Trade, stated that the newly passed law regulates cryptocurrencies, addresses supply issues for fuel and electricity costs for mining, and authorizes the administration to use them.
Minister Fatemi Amin said that the authorization was an agreement between Central Bank and Ministry of Industry — which could suggest that there is a multi-departmental consensus about the viability of Bitcoin as a method for international payments.
Fatemi Amin noted that local businesses can now import vehicles using bitcoin instead of the U.S. dollars or the euro. Tasnim noted that the announcement comes after an August 9 announcement from the head of Iran’s Trade Promotion Organization (TPO), which stated that the country had received its first cryptocurrency-based import order. According to reports, the order was valued at more than $10 million.
In May last year's time, Iran had banned bitcoin mining due to concerns about its power grid. The Irananian central bank also prohibited the trading of cryptocurrencies that were mined in Iran during the same month. Later, the mining ban was lifted in October. However, it was reimposed by December of that year due to power grid concerns.
One could argue that Iran is making this move towards comprehensive reform in order to adopt a firmer and longer-standing position on bitcoin and other cryptocurrency.
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By: Shawn Amick
Title: Iran Greenlights Bitcoin, Crypto Payments For Imports: Report
Sourced From: bitcoinmagazine.com/legal/iran-greenlights-bitcoin-crypto-payments-for-imports
Published Date: Tue, 30 Aug 2022 13:21:07 GMT
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