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Iran's financial regulator plans to allow miners to spend part of the crypto extracted to pay for imports of goods. This will revive the economy and help ease the onslaught of sanctions from other states
As part of this decision, the Central Bank of the State (CBI) plans to allow companies legally producing cryptocurrency to pay for the purchase of raw materials, electronics and other goods with digital assets. The legislative framework is being prepared for this idea at the moment.
The Economic Committee of the Iranian Parliament is busy preparing legislation that will set a clear task for the regional authorities. They, in turn, should ensure the organisation of the economic, industrial and energy sectors and direct it to the development of mining in the regions.
Despite the positive news, many doubt that this innovation will bring real benefits. Iran has very strict regulatory rules. They are especially concerned with mining.
In the fall of 2020, the authorities decided that miners are obliged to sell the cryptocurrency directly to the central bank of the country. This brought almost $8.5 billion to the Iranian economy, driving more than 45,000 miners underground.
The authorities actively pursue illegal immigrants, and it is extremely difficult to obtain legal status. In 2020, when the miners licensing campaign was launched, about a thousand licenses were issued. Others work illegally, and the law on payment of imports by cryptocurrency is not interesting to them.