The government of Iran has approved a 'comprehensive and detailed' law for the regulation of cryptocurrencies. crypto cryptocurrency
The government of Iran has finalized a set of cryptocurrency regulations. A “comprehensive and detailed” law ratified by the administration provides a regulatory framework for cryptocurrency, including their authorized usage and crypto mining, a government official reportedly said.
The minister added that under an agreement between his ministry and the central bank of Iran, cryptocurrency can be used to pay for imports. He additionally noted that local business owners can import cars using cryptocurrencies instead of the U.S. dollar or euro. Earlier this month, Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine, and Trade and president of the country’s Trade Promotion Organization ,the first official import order was successfully placed with cryptocurrency worth $10 million. He added: “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.”
Iran has a complex relationship with cryptocurrencies. In August 2019, the Iranian central bank banned crypto trading inside the country but the government has since allowed the use of cryptocurrencies, like bitcoin, to pay for imports. The authorities have not disclosed which other cryptocurrencies are allowed to be legally used for this purpose.
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