Iranian banks and forex shops can use cryptocurrencies for importation
The adoption of cryptocurrencies has been amazing over the past few years, especially in recent months. Individual and institutional investors as well as governments have become open to the idea of using cryptocurrencies to promote growth. Iran has taken another step forward. It has decided to allow private banks and forex shops in the country to import goods using cryptocurrencies.
Iranian banks allowed to use cryptocurrencies
The Central Bank of Iran announced that it has allowed banks and forex shops to use cryptocurrencies to import goods. Iran is using this strategy to mitigate the effects of sanctions imposed by the United States.According to the apex bank, the banks and other moneylenders in the country can use Bitcoin and other cryptocurrencies to pay for imports such as raw materials and electronics. The country has been exploring the use of cryptocurrencies to circumvent the United States’ economic sanctions. It is now expanding the operation.
In October last year, the central bank said it would use cryptocurrencies bought from miners to import goods into the country. At the time, Iranian miners were obligated to sell their cryptocurrencies to the government to enable them to fund imports.
The government is now expanding this operation to capture private banks and forex shops in the country. Under its regulatory framework, the cryptocurrencies to be used can only be obtained from licensed crypto miners in the country.
Iran using cryptocurrencies to mitigate economic sanctions
The Iranian government has been using cryptocurrencies to mitigate the effects of economic sanctions imposed by the United States. In 2018, the Iranian think tank Majlis Research Center suggested that the government could circumvent the sanctions using cryptocurrencies for foreign trade.The administration took the advice and allowed the central bank to start using cryptocurrencies for foreign trade. Shahab Javanmardi, a member of the Iran Chamber of Commerce Industries Mining and Agriculture, or ICCIMA, promoted the use of cryptocurrencies earlier this year.
He said, “Repatriating revenue from exporting gas and electricity is not possible under the present [U.S. sanctions]. The government can promote the use of excess electricity output or power generated by small-scale plants to mine cryptocurrencies and make up for the locked resources.”
The government opening up the cryptocurrency mining sector has made Iran one of the leading crypto-mining countries in the world.
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