Iranian Regime Approves Use of Crypto for Trading & Imports

The move is intended to counter US sanctions.
Iranian Regime Approves Use of Crypto for Trading & Imports

In the light of endless turmoil in the crypto market, Iranian Industry Mines and Trade Minister Reza Fatemi Amin has waved a green signal to use crypto for trading and importing goods.

The approval will help the Iranian regime to counter intense sanctions on its finance and banking sector by the US, which suffocates its economic growth.

Amin revealed that the regulation for using cryptocurrencies was finalized by the administration on Sunday. He added, “All the issues related to crypto-assets, including how to provide fuel and energy, and how to assign and grant licenses were devised.”

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,” says Alireza Peymanpak, a deputy Iranian trade minister who leads Iran’s Trade Promotion Organization (TPO). 

The move came after Iran registered its first official import order to be paid using cryptocurrency earlier this month.

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