Last Updated: 24 August 2022
There is uncertainty in Iran. Alireza Managhebi of the Import Association asks for clarification on the country’s import deal using crypto currency.
Iranian Importers' Group demands crypto-regulatory clarity for use in foreign trade
— AMBCrypto (@CryptoAmb) August 23, 2022
Clarity on import rules
The context? A $10 million payment was made with crypto-currency. Which cryptocurrency was involved is not known.
Now the field is speaking out about this development.
Last Saturday, the head of the Iranian Importers Group and Representatives of Foreign Companies (Import Association) stressed the importance of stable regulations and infrastructure. According to him, the country should be prepared to use cryptocurrencies for import deals:
“The question is whether the government has developed consistent regulations for the use of crypto currencies so that they will not change again within two months and harm the entrepreneurs operating in this field.”
In short, the group hopes that the regulations are and will remain clear (!) And that the government will not be too hasty.
Iran’s importers’ group points out the need for stable regulation to continue trading via cryptocurrencies. Because it will not stop at this $10 million, said Deputy Minister Alireza Peyman Pak earlier this month. According to him, this was the first, but certainly not the last crypto payment.
Managhebi of the Import Association doubts the idea that crypto-currencies can cause an end to the dominance of the dollar on the Iranian market.
On the contrary, they see a possible threat: the new payment method may lead to the emergence of companies that will try to make a profit from this trend.
Bitcoin in Iran
In October 2020, the West Asian country previously amended legislation to allow cryptocurrencies to be used for import trade.
In June 2021, Iran’s Ministry of Commerce issued 30 licenses to Iranian bitcoin miners. Currently, there are 118 licences. All bitcoin earned must be sold to Iran’s central bank.