Iranian Ministry of Industry and the Central Bank agrees on crypto payment: Report

The Ministry of Industry and the Central Bank of Iran agreed to give regulatory approval for Iranian businesses to use crypto-backed payment systems.

Iran is a confusing region for the crypto industry because in the past many Iranian government agencies took different decisions regarding the crypto industry. In the past few years, the country banned Bitcoin mining many times because of environmental health challenges & also high electricity consumption by the crypto mining sectors. 

At the latest, Iran approved for all businesses to use the crypto payment for goods imported while international trade sanctions are underway. This decision came from the Mines and Trade Ministry. 

Reza Fatemi Amin, Trade minister, confirmed that approved regulations are in the detailed information, which will help the use of digital assets for trade and supplying fuel and electricity to Bitcoin and crypto miners in the country.

It is worth noting that, around a week ago, the country imported $10 million worth of vehicles into the nation via the use of crypto payment. And that time the Trade minister hinted that crypto payment regulation will come.  

Fatemi Amin also confirmed that the latest introduction of the new rule came after the agreement of the Central Bank and the Ministry of Industry. 

After the introduction of the latest import crypto payment approval, Iran’s Import Association urged to release clear regulatory metrics, to bring full clarity on cryptocurrency use whether it is licensing or fuel for the crypto mining industry.

Iran against illegal crypto mining

In the past few years, Iranian government agencies have taken a strict stance against the crypto industry. In 2021, the Iranian government imposed a two-time long-term ban on crypto mining activities, to keep the environment below the particular temperature and also to fight against electricity outages in the country.

In particular, the country also imposed a ban on Bitcoin trade, which was mined outside the country, to prohibit the bad actors which were using electricity directly from the power grid to mine Bitcoin. 

Read also: Facebook & Instagram will allow NFTs to share on profile