Iran Authorizes Banks and Currency Exchangers to Use Cryptocurrencies to Pay for Imports

The Central Bank of Iran has authorized banks and currency exchangers to use cryptocurrencies mined by licensed crypto miners in the country to pay for imports. Meanwhile, a bill is being drafted to provide regulatory clarity regarding crypto-related activities.

Using Cryptocurrencies to Pay for Imports

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 that lenders and licensed currency exchange offices have been notified about the regulatory framework for crypto payment.

In October last year, the Iranian government amended its cryptocurrency regulation to enable 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 was proposed by the CBI and the Ministry of Energy.

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

Meanwhile, Mohammadreza Pourebrahimi, head of the economic commission, said the commission has done a comprehensive examination of crypto activities in Iran and will present its results next week.

“We plan a bill in which a new mechanism for cryptocurrency-related activities is laid out,” he was quoted by Tasnim News Agency as saying.

The bill will define the obligations of administrative bodies, namely the Central Bank of Iran and the ICT, industries, energy and economy ministries.

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