Iranian businesses get the green light to use crypto for imports

Iran’s association of importers has stressed the need for a stable regulatory framework for cryptocurrencies now that the Iranian government is officially using crypto to pay for imports. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” a government official said. Imports Association: Iran Needs Stable Crypto Regulation Alireza Managhebi, the chairman of Iran’s Importers Group and Representatives of Foreign Companies (Imports Association), voiced concerns about the....

A developing strategy to mitigate the crippling effect of economic sanctions could see cryptocurrencies being used by Iranian firms to pay for imports such as raw materials and electronics. Iran is continuing to explore the potential use of cryptocurrency as a tool for mitigating the devastating impact of economic sanctions imposed by the United States. According to a report from the English-language Iranian economic news source Financial Tribune, the Central Bank of Iran, or CBI, is authorizing banks and licensed forex shops to use cryptocurrency as payments for imports.Under its....

Iran’s association of importers have now called for regulatory framework for cryptocurrency. This is after the Iranian government has officially used crypto to pay for the imports. In order to continue paying for imports with digital asset a regulation needs to mandated. The head of Iran’s Importers Group and Representatives of Foreign Companies (Import Association) […]

Authorities in Iran are preparing to allow the employment of cryptocurrencies for international settlements. According to local media, central bank and government officials have given the green light to adopt a mechanism using digital coins in the field of foreign trade. Businesses in Iran to Be Able to Pay Foreign Partners With Crypto Iranian companies will be allowed to use cryptocurrencies in settlements with partners in other countries, local media reported. An agreement to that end has been reached by the Central Bank of Iran (CBI) and the Ministry of Industries, Mining and Trade.....

A difficult-to-enforce ban may actually be part of a larger sanctions-avoidance strategy. In a broader effort to circumvent the effects of sanctions, Iran may be attempting one of the first instances of digital currency protectionism. According to a Tweet from news outlet Iran International, The Central Bank of Iran announced a decision from the Cabinet on Wednesday decreeing that digital currencies traded in the country must have been mined, or “extracted” there as well, barring the exchange of digital assets mined abroad.While many observers have pointed out that enforcement would be....