Iran is officially sanctioning the use of cryptocurrency for imports as a measure to circumvent US sanctions on the financial and banking sector.
Iranian Trade Minister Seyid Reza Fatemi Amin announced that the Tehran administration has completed the regulations for the use of cryptocurrencies instead of dollars and euros. The country also made its first international trade worth $10 million in cryptocurrencies in early August.
Are Russia and India trading in their own national currencies?
In addition to the Minister’s statement, “All issues related to cryptoassets, including how to provide fuel and energy and how to assign and issue licenses, have been designed,” said Deputy Minister of Commerce Alireza Peymanpak. It will be widely used in foreign trade,” he said.
In 2019, the Central Bank of Iran banned the trading of cryptocurrencies within the country, but the government allowed the use of cryptocurrencies such as bitcoin to pay for imports.