Iran can circumvent sanctions with new crypto law

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  • Iran has started using cryptocurrencies for imports.
  • The law, which the Minister of Industry, Mining and Business described as comprehensive and detailed, includes new regulations related to crypto mining.
  • The folk has been subject to severe sanctions since 1979 and previously relied on the dollar and the euro for trade.

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Iran’s Minister of Industry, Mining and Trade, Reza Fatemi Amin, announced that the government’s new cryptocurrency law will enable Iranian companies to use cryptocurrencies instead of US dollars or euros to importation goods.

Iran Enables Oecuménique Crypto Payments

Iran is nettoyage ahead with its horizontaux to enable cross-border payments using cryptocurrency.

Iranian Minister of Industry, Mines and Trade Reza Fatemi Amin announce Sunday in the clou industry An fantasmagorie in Tehran that the government has passed a comprehensive and detailed law regulating the use of cryptocurrencies in débit.

“All issues related to crypto assets, including how to save fioul and energy [for mining]Amin explained that how to assign and grant licenses has been devised. The law, drafted between the Ministry of Industry and the Orthogonal Bank of Iran, will allow imports to be paid for using cryptocurrencies. The law will not only apply to financial institutions and industry leaders in Iran, but also to régional businesses.

Iran previously relied only on US dollars and euros for cross-border payments. The folk has been the subject of sanctions from the United States since 1979; Sanctions increased to become among the most severe in the world after Iran refused to halt its uranium enrichment program in 2006. Bâtiment newspaper Iran International It expects to use cryptocurrencies to circumvent sanctions and enable trade with other blacklisted countries such as Russia. The Russian Orthogonal Bank already shown He was open to the idea of ​​using cryptocurrencies for oecuménique payments.

On August 9, Iran’s Deputy Minister of Industry, Mines and Trade, Alireza Peyman Pak, announce That the folk had processed its first importation using cryptocurrencies. The order was worth $10 million. Peyman Buck also stated that “the use of cryptocurrencies and usage contracts will be widespread in foreign trade with target countries” by the end of September.

Iran has also been attractive to bitcoin miners due to its cheap electricity. The Iranian government made bitcoin mining officially legal in 2019, with the avertissement that mining rigs must be shut down “during times of peak consumption.” The policy is similar to that adopted by Texas in ressemblance to its mining industry.

Disclosure: At the time of writing, the author of this entrefilet owns ETH and several other cryptocurrencies.

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