New law from Iran allows crypto to process import transactions According to Iran’s semi-official news agency. Tasnim
The change is under an agreement between the Ministry of Industry and Iran’s central bank. It allows businesses to transact in cryptocurrencies for imports, including cars, where those transactions previously would have been done in dollars or euros.
Iran is still under the United States Boycott its nuclear program, where using crypto instead of fiat currency is one way to avoid trade sanctions. by the US legislature has raised the alarm about crypto beingtoolfor evading sanctions in the past few months. It cited the possibility of heavy sanctions by Russian authorities. It is taking advantage of crypto to mitigate its impact. And now it is possible for Iran to do the same.
Reza Fatemi Amin, Minister of Industry, Mining and Trade, said the decision was finalized by the administration on Sunday, according to Tasnim, by Alireza Peymanpak, Iran’s deputy trade minister, who is a “dealer”. The head of Iran’s Trade Promotion Organization (TPO) told Tasnim that crypto and smart contracts will be widely used in foreign trade with target countries by the end of September.
The first order to import using crypto took place earlier this month, with Peymanpak telling Tasnim that the transaction totaled $10 million.
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