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Iran Now Allows Banks, Exchanges to Use Crypto for Imports

CryptocurrencyApr 27, 2021 06:00AM ET
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Iran Now Allows Banks, Exchanges to Use Crypto for Imports

  • Iran now allows banks and foreign exchanges to use crypto to pay for the imports.
  • They will create a bill to provide regulatory clarity regarding crypto-related activities.
  • Authorities took over 45,000 machines due to illegally using subsidized electricity.

The Central Bank of Iran (CBI) has announced that it will now allow banks and exchanges to use crypto to pay for imports. To clarify, they can use only the crypto mined by licensed miners in the said country. Meanwhile, they will create a bill to give regulatory clarity about crypto activities.

The statement included:

“The central bank states that lenders and licensed currency exchange offices have been notified about the regulatory framework for crypto payment.”

In October 2020, the Iranian court grew its cry...

This article was first published on coinquora.com

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Iran Now Allows Banks, Exchanges to Use Crypto for Imports
 

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