Iran Accepts Crypto For Imports Despite Sanctions

According to the semi-official Iranian news source Tasnim, a new regulation from Iran permits the use of cryptocurrency in the processing of imports.

An agreement between the Ministry of Industry and the Central Bank allows for the adjustment. It enables commerce in the import of goods, especially automobiles. Previously, those transactions would have been carried out in dollars or euros.

The US still imposes sanctions on Iran because of its nuclear program. One way to get around trade embargoes and sanctions is to use cryptocurrency rather than fiat money. In recent months, US senators have expressed concern about the use of cryptocurrency as a means of avoiding sanctions, highlighting the prospect that highly sanctioned Russian organizations may be using it to lessen the effects.

Iran might now be considering doing the same

In fact, it was claimed in 2020 that the head of Khatam-al Anbiya Construction, an engineering company under the leadership of the Iranian Revolutionary Guard Corps, a division of the Iranian Armed Forces, advocated the use of cryptocurrency to circumvent sanctions.

According to Tasnim, the administration finalized the decision on Sunday, according to Industry, Mines, and Trade Minister Reza Fatemi Amin. By the end of September, crypto and smart contracts will be widely used in international trade with target countries, according to Alireza Peymanpak, the deputy Iranian trade minister who also serves as the head of Iran’s Trade Promotion Organization (TPO).

Peymanpak informed Tasnim that the first import order made use of cryptography earlier last month. The $10 million transaction was completed.

It appears that a larger resolution outlining crypto laws includes the approval for cryptocurrency use in imports. According to Tasnim’s interview with Trade Minister Seyed Reza Fatemi Amin, the law addresses all concerns about crypto-assets, such as mining energy allocation and licensing.

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