Iran is avoiding sanctions by using cryptocurrency. With international cash scarce, Iran is resorting to cryptocurrency to keep imports flowing.
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Iran Daily stated earlier this week, referencing a report from The Islamic Republic News Agency (IRNA), that the country’s cabinet has modified recent legislation on digital assets to permit the use of cryptocurrencies for import financing by the Central Bank of Iran (CBI).
Earlier, the CBI and the cabinet had collaboratively suggested the modification.
As a result of the move, legitimately mined Bitcoin in Iran can only be traded if used to finance imports from other countries.
According to IRNA, miners will provide the cryptocurrency straight to the CBI within an approved limit.
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This would be based on the amount of subsidized electricity used by the miner, as well as guidelines given by the Ministry of Energy.
Cryptocurrency has gained prominence in Iran as the country grapples with the economic consequences of US sanctions and the coronavirus pandemic.
Mining was authorized in the country last year, but the industry is closely supervised by the government, making it a difficult place to do business.
According to Iran Daily, adopting bitcoin for import payments could assist the country sidestep sanctions that limit Iran’s access to the dollar.