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Iran Now Allows Banks, Exchanges to Use Crypto for Imports

Iran_Authorizes_Banks_and_Currency_Exchangers_to_Use_Cryptocurrencies
  • 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 crypto regulation to allow its central bank to import legally mined bitcoins. Also, they asked licensed crypto miners to sell coins directly to the central bank.  Both the CBI and the Ministry of Energy took part in making this decision

On the other hand, in January, Iran police took over 45,000 Bitcoin mining machines. They took them because the owners were illegally using subsidized electricity. As of now, the Iranian government struggles to provide the country with just over 40,000 MWh.

Because of this, the authorities are strictly controlling the machines that mine Bitcoin and other cryptos inside the country.

The courts seized many trending videos of crypto mining farms in the southeast part of Iran. This move was part of the country’s drive against unlicensed crypto mining. As a result, the Iran Energy Ministry cut the electricity supply of the said mining farms.

Iran has taken a series of steps to restrict illegal crypto mining farms. Hopefully, the country expects these steps to help reduce power usage even from authorized bitcoin farms.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.