- Cryptocurrency can be used to pay for imports
- Cars can be imported using cryptocurrencies
- Iran has a complex relationship with cryptocurrencies
The Iranian public authority has completed a bunch of digital currency guidelines. Extensive and serious regulation confirmed by the organization gives administrative structure to digital currency, including their approved use and crypto mining, an administration official reportedly said.
The Iranian government has assessed all the issues with digital forms of money and backed a bunch of guidelines on crypto money, Reza Fatemi-Amin, the pastor of Industry, Mines and Commerce, told columnists at the end of an auto industry event in Tehran on Sunday. .
Iran finalizes crypto regulations
It made sense that the public authority sanctioned “full, point-by-point” regulation that characterizes digital currency guidelines, including the use of fuel and energy for crypto mining and the approved goals of digital currencies, Tasnim news agency reported.
The priest added that under an agreement between his service and the National Bank of Iran, crypto money can be used to pay for imports. He also noticed that local entrepreneurs can import vehicles using cryptographic forms of currency rather than US dollars or euros.
Using digital money to pay for imports is seen as a method to circumvent US sanctions on Iran’s monetary and banking zone, allowing Iran to trade with countries banned by US sanctions, including Russia.
Recently, Alireza Peymanpak, Pastor of Bad Habits of Iran’s Ministry of Industry, Mines and Trade and Head of the National Trade Promotion Organization (TPO), said that the main authority’s import application was effectively positioned with a digital currency worth $10 million.
He added that towards the end of September, the use of cryptographic forms of money and savvy deals will be widespread in the unknown exchanges with the target countries.
The Pastor of Industry, Mines and Commerce noticed that many mining ranches are operating wrongly in Iran. He understood that some crypto diggers had recently been licensed and approved to work in the country.
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Many mining farms operate illegally in Iran
Nevertheless, their activities were stopped as a result. Fatemi-Amin said the public authority opted to continue licensing crypto-mining tasks under the new administrative structure.
Iran has a confusing connection to digital forms of currency. In August 2019, Iran’s National Bank banned crypto exchange inside the country, but the public authority has since allowed the use of digital currencies, such as bitcoin, to pay for imports. Specialists have not revealed which other digital currencies are allowed to be used legally for this reason.
Anyway, in December last year, the Iranian government asked authorized digital currency diggers to briefly stop their tasks due to outrageous weather conditions negatively affecting the country’s influence network during the months cold.
Tavanir, Iran’s power generation, distribution and transmission company, claimed that illegal digital money mining in Iran accounts for nearly 85% of the company’s use of influence.
The public power organization then declared a four-month restriction on crypto mining in May. Specialists lifted the boycott in mid-September after licensed crypto-mining bureaus deliberately shut down operations to ease electricity problems.