Crypto Payments allowed by Iran for Imports

  • नेपाल राष्ट्रिय दैनिक
  • August 31, 2022

Iran has officially approved the use of cryptocurrencies for imports instead of US dollars and euros, according to Reza Fatemi Amin, the Iranian Minister of Industry, Mines and Trade.

Minister Amin has also announced that all issues related to crypto-assets, including how to provide fuel and energy, and how to grant licenses have been prepared.

The Islamic Republic of Iran said it imported nearly $10 million worth of goods in early August using digital currency. August’s first crypto transaction, which tested the trade through digital currency is expected to ease trade with other countries by replacing U.S. economic sanctions on Iran.

By the end of September, Iran is expected to widely increase the use of cryptocurrency in foreign trade.

In 2019, Iran’s government amended its Digital Assets and Transactions Law to allow locally mined crypto to pay for imports, as Iran struggles with a number of other economic sanctions, including restrictions on the country’s oil, banking and shipping sectors.

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