Central Bank of Iran offered to pay for imports with cryptocurrencies

Representatives of the CBI said that legally mined digital currencies are usable as payment for imports. They are considering this method as part of a strategy to mitigate sanctions from other countries and restore the Iranian economy.

Local firms, according to the CBI, will be able to use the mined tokens to pay for imported raw materials, electronics, and other categories of goods. At the same time, the country's department intends to explore other options for using tokens to reduce the devastating impact of US sanctions. Given Iran's very strained relations with digital currencies and activities, belonged to them, it is not yet entirely clear what will become an indicator of the “legality” of mining. Especially against the background of the fact that the country is actively fighting illegal miners, the number of which has already exceeded 45,000.

Global plans to finance imports in the country began last fall after the introduction of some changes to the legislation, allowing the use of bitcoins in this direction, legally mined in Iran. One of the main changes was that miners were obliged to sell their coins direct to the CBI. By January 2020, it was the turn of cryptocurrency operators. Then the department issued over 1000 permits. The total volume of potential cash infusions into the Iranian economy from the actions of miners was estimated at 8.5 billion.

The Iranian Parliament Committee on Economic, led by Mohammadrez Pourebrahim, said they are closely studying the mining situation in the country and will introduce a bill next week proposing a new tool related to cryptocurrencies. Whistleblowers claim that it will describe the responsibilities of local administrations in relation to digital currencies. Including ministries of information and communication technologies, economy, industry, and energy sector organizations.

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