Forex

Iran Using Cryptocurrency For Imports



The Central Bank of Iran has declared that licensed banks and moneychangers in the country can use cryptocurrency that has been mined by officially sanctioned miners to pay for imports, according to a report from the Financial Tribune.

Hit hard by international sanctions, Iran likely sees the use of cryptocurrency as a way to operate outside of traditional financial controls. In October 2020, the Iranian central bank amended its regulations so that bitcoin and other cryptocurrencies could be mined officially under government control, using subsidized energy, then supplied to the government for funding imports. Now, the central bank has apparently extended the legal use of cryptocurrencies to additional groups within the country.



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