Iran Approves the Use of Cryptocurrency For Cross-border Trade Dealings

Iran Approves the Use of Cryptocurrency For Cross-border Trade Dealings

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To evade US sanctions, Iran has turned to cryptocurrency for the exchange of goods imported into the country, as per a report by Industry Mines and Trade Minister Reza Fatemi Amin.

Iran will henceforth use cryptocurrency to replace dollars and euros to neutralize the effect of the sanction against the country by the West.

“All the issues related to crypto-assets, including how to provide fuel and energy, and how to assign and grant licenses were devised,” said Fatemi Amin.

In early August, Iran made its first official import cryptocurrency order, worth $10 million, as a test run for allowing the country to trade through digital assets that bypass the dollar-dominated global financial system and to trade with other countries similarly embargoed by US sanctions, such as Russia.

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,” said Alireza Peymanpak, a deputy Iranian trade minister who leads Iran’s Trade Promotion Organization (TPO).

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Iran History With Cryptocurrency

Iran’s history with cryptocurrency has been complex. Iran’s central bank prohibited the trading of crypto within the country in 2019,  although the government allowed the use of crypto to pay for imported goods into the country.

Iran has also confiscated more than 9,000 illegal crypto mining since March. According to a report, illegal crypto mining is the cause of multiple power outages in Iran, these illegal mining has resulted in associations imploring the government to regulate cryptocurrency.

Crypto has become more popular across the country due to Iran looking for means to circumvent the ban which has weakened the country’s currency.

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