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

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Iran’s Central Bank has allowed banks and currency traders to use cryptocurrencies mined by licensed cryptocurrency miners in the country to pay for imports. Meanwhile, a bill is being drafted to clarify the regulation of cryptocurrency-related activities.

Use of crypto-currencies to pay for imports

The Central Bank of Iran (CBI) has announced that licensed banks and currency traders can use cryptocurrencies mined by licensed miners in Iran to pay for imports, Financial Tribune reported on Saturday. The publication is described :

Licensed lenders and exchangers have been made aware of the crypto currency regulations, the central bank said.

Last October, the Iranian government changed crypto-currency regulations to allow the country’s central bank to finance imports with bitcoins mined legally in the country. Licensed cryptocurrency miners are required to sell their coins directly to the central bank. This measure was proposed by the CBD and the Department of Energy.

Iran has issued more than 1,000 licenses to cryptocurrency miners, including Turkish bitcoin mining giant Iminer. Iranian power plants are allowed to mine cryptocurrencies, and bitcoin miners have been given exclusive access to the electricity generated at three of those plants. Iran shut down 1,620 illegal cryptocurrency mining companies in January.

Meanwhile, Mohammadreza Pourbrahimi, head of the Economic Commission, said the commission has conducted a comprehensive study on cryptocurrency activities in Iran and will present its findings next week.

We are considering drafting a law that will define a new mechanism for crypto-currencies, he said, quoted by Tasnim news agency.

The draft law will define the functions of the governing bodies, namely the Central Bank of Iran and the Ministries of ICT, Industry, Energy and Economy.

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

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