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Iran Introduces Rules for Cryptocurrency Operations

Iranian authorities have approved a comprehensive law introducing rules for digital asset transactions as a measure to support imports using cryptocurrencies.

The country’s Minister of Industry and Commerce, Reza Fatemi Amin said, speaking at an auto industry exhibition in Tehran on August 28, said that Iran has passed a law ratified by the administration that introduces rules on cryptocurrencies and mining.

According to Amin, the Ministry of Industry and the Central Bank of Iran have agreed that imports from abroad can be paid for with cryptocurrencies. The minister noted that local businessmen can now import cars using cryptocurrencies instead of the US dollar or euro.

Recall that in August, the head of the Iranian Trade Promotion Organization (TPO) said that the country had registered the first import order using cryptocurrency as a payment method. Alireza Peymanpak, Deputy Minister of Industry, said the order amounted to about $10 million.

In recent years, low electricity rates in Iran have sparked interest in mining in the country. At the same time, the authorities are concerned about the growth of unregistered bitcoin miners who use electricity to mine cryptocurrencies on an industrial scale.

Last week, the Iran Importers Association stressed the importance of using cryptocurrencies to pay for imports, which requires a stable regulatory framework.

Source: Bits

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