Last Updated: 31 August 2022
Iran’s Ministry of Industry, Mines and Trade has approved the use of cryptocurrencies for imports.
Iranian companies get green light to use crypto for import https://t.co/FpkHTKTKqQ
— pankaj kumar (@pankajk58942350) August 30, 2022
Trade with bitcoin?
According to local news reports, the Minister of Commerce, Reza Fatemi Amin, confirmed the detailed regulations. It deals with the use of cryptocurrencies for import trade and the supply of fuel and electricity to bitcoin miners.
It is not shocking news. Earlier this month, the first crypto import deal was announced, worth $10 million. It immediately raised questions, among others from the import association. They were afraid that the country took this step too quickly (and without proper rules).
Amin shared more about the regulations at an event. It is not known what cryptocurrency is being used. For example, he shared that one can import cars with cryptocurrency instead of dollars or euros.
Iran’s Ministry of Commerce had earlier indicated that the use of cryptocurrency and smart contracts would be widely used by September 2022, especially for foreign trade.
Doubts about rule change
Meanwhile, the Iranian Import Association called for clear(er) rules. They do not want local companies and importers to suffer if the rules are changed too quickly in the future.
The minister noted in his speech that the new regulations cover cryptocurrencies and the process of licensing cryptomining companies (and the electricity they purchase) also.
For Iran, a decentralised payment network is handy. They are, in fact, quite bothered by sanctions, thanks to the nuclear programmes that are allegedly running. The country is excluded from international banking systems.
They also have no trouble getting hold of bitcoin. It is known that bitcoin mining companies are obliged to sell their earned crypto currency to the central bank. This is how Iran gets KYC-free bitcoin outside of regulated trading platforms.