2021-May-18 02:37
Economy
2021-April-29  16:45

Iran to Use Cryptocurrencies for Imports

TEHRAN (FNA)- The Iranian companies have been authorized by the Central Bank of Iran to use authorized cryptocurrencies for imports.

The Central Bank of Iran approved the payment for imports in authorized cryptocurrencies.

The Central Bank of the Islamic Republic of Iran has agreed to use cryptocurrencies to pay for imports.

According to a new central bank decree, only cryptocurrencies derived from miners authorized by the Ministry of Industry, Mines, and Trade can be used.

Authorized banks and exchange shops can pay for imports in cryptocurrencies only in accordance with the CBI guidelines.

This new measure is taken by the CBI in an attempt to neutralize the impact of the US sanctions on Iranian financial transactions with the outside world.

In 2019, Iran legalized cryptocurrency mining while instituting heavy-handed regulations to control it.