Iran’s Central Bank Announces Crypto Can Pay for Imports

Late last year, the Iranian Government changed its cryptocurrency legislation to allow its central bank to fund imports with legally-mined cryptocurrencies. This happened in response to a joint proposal by the central bank and the energy ministry.

According to Bitcoin.com, the Central Bank of Iran (CBI) has now announced that banks and currency exchangers can use crypto that has been legally mined by licensed operators to pay for imports into the country. To make this happen, licensed miners will be required to sell their crypto coins within authorised limits directly to the CBI.

Iran’s legislation stipulates that legally-mined cryptocurrencies can only be exchanged when used for financing imports coming into the country. The central bank says it has notified lenders and licensed currency exchangers about the regulations surrounding crypto payments.

To date, the Iranian government has issued more than 1,000 crypto mining licences. This includes Iminer in Turkey, which is the middle east’s biggest bitcoin mining farm.

Iran’s power plants are also able to legally mine cryptocurrencies, with Bitcoin miners having been given exclusive access to electricity generated by three plants.

Iran cracks down on illegal mining and drafts new bill

While it has been issuing licences, the government has also closed down over 1,600 illegal crypto mining operations and is examining Iran’s crypto activities. The examination is being handled by the economic commission which will hand down its findings within a few days.

At the same time, a bill is being drafted to provide greater regulatory clarity regarding cryptocurrency activities in the country. The bill will lay out the obligations of different administrative bodies, including the CBI, tech industries, and energy and economic ministries. The head of Iran’s economic commission, Mohammadreza Pourebrahimi, also says the bill will set down new mechanisms for crypto-related activities in Iran.

Other sources: https://irandaily.ir/News/275899.html

Subscribe

Related articles

Blockchain Meets AI: Europe’s Next Tech Evolution

Blockchain technology and artificial intelligence (AI) are set to...

Hathor Network Shines at Sushi Tech Tokyo

Hathor Network made a significant impact at Sushi Tech...

Green Mining: Marathon Digital’s Eco-Friendly Leap in Kenya

The world of cryptocurrency is witnessing a remarkable shift...

LEAVE A REPLY

Please enter your comment!
Please enter your name here