New Regulation for Bitcoin and Cryptocurrency Payments in Iran!

Tehran administration, cryptocurrency announced that it has made a number of new regulations regarding its trade.

With the new crypto regulation, it is aimed to prevent the global sanctions that Iran is exposed to.

Iranian Trade Minister Seyed Reza Fatemi Amin said the following about the new crypto regulation:

“With this regulation, we are clarifying many issues related to cryptocurrencies, from how to provide energy for cryptocurrency mining to the licensing to be made.”

With the new crypto regulation, it has become free for merchants to pay for products imported into Iran with cryptocurrencies. With this move, the Tehran administration wants to prevent the embargo imposed by the USA.

Weeks ago, Iran’s Trade Development Organization announced to the public that it had approved the first imported automotive order to be made using cryptocurrencies. Automotive vehicles worth $10 million will be paid for in crypto.

How Iran Approaches Cryptocurrencies?

months ago in Iran cryptocurrency mining The news that he was banned had resonated all over the world. Contrary to popular belief, the reason for the ban is not a negative view of cryptocurrencies. Cryptocurrency mining had increased the energy consumption in the country to incredible figures. So much so that due to the energy used by the miners, electricity was not enough even for the cities.

Cryptocurrencies are very valuable for Iran right now. Many countries, especially the USA, impose an embargo on Iran due to nuclear weapons investments in the country. Iran, on the other hand, wants to overcome this embargo by using cryptocurrencies. Cryptocurrencies are a necessity for Iran.

However, as the embargo conditions change, the Tehran government’s view of crypto may harden. Cryptocurrencies are not a product that authoritarian governments like very much.