Iran Allows Trade and Import Using Cryptocurrency to Avoid Sanctions

Iran Allows Trade and Import Using Cryptocurrency to Avoid Sanctions
  • In a historical precedent, Iran submitted a $10 million import order in cryptocurrency.
  • Within the borders of Iran in 2019, cryptocurrency trading was banned.

According to the Minister of Industry, Mines and Trade Reda Fatemi AminThe cryptocurrency can now be used for trade and imports in Iran. This green light is an attempt to bypass the banking and financial restrictions imposed by the United States.

On Sunday, the government, according to Amin, approved legislation allowing cryptocurrencies like bitcoin and ether to be used in place of traditional fiat currencies like dollars and euros. He stated that all concerns related to crypto assets were created, including how to provide fuel and energy, and how to assign and grant licenses.

Cryptography to the rescue

In a historic precedent, Iran submitted a $10 million import request in cryptocurrency, earlier this month. It was a trial run of a system that would eventually allow the country to transact in digital assets outside the international monetary system. It helped trade with countries hampered by US sanctions.

Deputy Minister of Commerce of Iran and Head of the Iranian Trade Promotion Organization Ali Reza Labayman He predicts that “by the end of September, cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”

It has been a difficult period for the cryptocurrency industry in Iran. Within Iran’s borders in 2019, cryptocurrency trading was banned by the country’s central bank. However, the government allowed bitcoin and other cryptocurrencies as a means of payment for imported goods.

However, permission to evade sanctions gives Iran a way around the devastating US sanctions. As a result of the devaluation of the national currency due to the sanctions, cryptocurrency trading has spread significantly there.

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