Iran Approves Bitcoin Payments for Imports

According to a report from the local news source Tasnim, Iran has enacted a law that establishes a thorough legal framework for the use of Bitcoin and cryptocurrency payments for imports.

Reza Fatemi Amin, the Iranian Minister of Industry, Mine, and Trade, reportedly stated that the recently approved law clarifies Bitcoin and cryptocurrency restrictions, resolves worries about the availability of fuel and electricity for mining, and gives the administration permission to use Bitcoin and cryptocurrencies.

According to the report, Amin reaffirmed that the authorization was the result of an agreement between the Ministry of Industry and the Central Bank, which may indicate a cross-departmental understanding of the value of Bitcoin as a tool for international payments.

Amin added that local businesses and companies will be allowed to import vehicles using Bitcoin rather than using the U.S. dollar or euro. Tasnim noted that these recent developments followed the head of Iran’s Trade Promotion Organization (TPO) August 9th announcement that the nation had registered its first import order processed with cryptocurrency. According to reports, the order was worth over $10 million.

Looking back at May 2021, Iran had already prohibited Bitcoin mining due to power grid issues. The trading of cryptocurrency mined outside of Iran was also prohibited by the Iranian Central Bank in the same month. Later, in October, the mining ban was withdrawn, only for it to be reinstated by December of the same year, once again citing concerns over the country’s power grid.

Due to this recent news, one could contend that Iran is moving toward fundamental change in order to adopt a resolute and long term approach to Bitcoin and other cryptocurrencies.