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Iran implements rules allowing companies to use crypto for import business transactions

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Iran implements rules allowing companies to use crypto for import business transactions

The Iranian administration has adopted a set of regulations on business transactions with cryptocurrencies, according to Reza Fatemi Amin, Minister of Industry, Mines and Trade.

Amin made the announcement at an auto industry expo in Tehran on Aug. 29, where he noted that the new law sets out regulations on cryptocurrencies, including how to provide fuel and power for cryptocurrency mining and how to license.

The minister said that any import of goods can be processed through cryptocurrency transactions instead of dollars or euros under an agreement between the Ministry of Industry and the Central Bank of Iran.

The announcement comes after Iran’s Trade Development Organization (TPO) registered its first-ever official import order worth $10 million for importing cars using cryptocurrency on August 9. .

Along the same lines, Iran has attracted an increasing number of cryptocurrency miners over the past few years.

According to a May 2021 Reuters report, around 4.5% of global bitcoin mining occurs in Iran due to cheap electricity, allowing the country to circumvent trade embargoes and mitigate the impact of sanctions. In turn, open the country to the international financial system.

The new regulations could allow Iran to circumvent US sanctions imposed on the country since 1979.

The State Department’s Bureau of Economic Sanctions Policy and Implementation oversees several US sanctions that restrict various trade between US companies and Iran.

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