Iran Passes a Bill Authorizing Crypto Use for Imports

The measure redefines cryptocurrency restrictions, the authority to use cryptocurrencies for imports, and the provision of fuel and power for mining, according to the Iranian news outlet Tasnim.

The Central Bank of Iran has also approved the use of cryptocurrencies to handle imports. According to the study, anyone may now import automobiles using digital assets instead of dollars or euros.

As reported, Iran stated earlier this month that it had executed its first crypto-based order for $10 million. The country’s Ministry of Industry, Mines, and Trade said at the time that they will greatly extend the usage of cryptocurrencies for imports by September’s end. At the beginning of July, the United States imposed a fresh wave of penalties on Iran’s oil companies.

In March of this year, Iran was the nation with the most sanctions. After the United States and its allies issued several sanctions against Russia in response to its invasion of Ukraine, the nation lost this position. Iran’s crypto move is widely seen as an effort to avoid US sanctions and trade embargoes.

US politicians have lately raised alarm about the use of cryptocurrencies to circumvent sanctions, highlighting the likelihood that severely sanctioned Russian organizations are utilizing cryptocurrencies to offset the effects.

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