Iran is getting one step closer to circumventing U.S. sanctions for its imports.
Iran’s Ministry of Industry, Mine and Trade, an Iran government body responsible for regulations of foreign and domestic trades, has authorized the use of cryptocurrency to pay for imports.
According to the news report shared by the local news portal Tasnim News Agency, the governmental institution has rolled out cryptocurrency trade regulations, which among other things, allow the use of cryptocurrency to pay for imported goods.
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When commenting on this regulatory change, Trade Minister Reza Fatemi Amin noted that the law “defines regulations on cryptocurrencies, the supply of fuel and electricity for mining, and the authorization to use cryptocurrencies.”
Amin also highlighted that, among other things, local businesses and citizens will be able to import vehicles using cryptocurrencies. This law becomes exceptionally useful, as previously, people would have to use US dollars or euros.
It is worth remembering that Iran has been facing the US, United Nations, and European Union sanctions due to its nuclear programs.
Therefore, it comes as no surprise that Iran is attempting to employ the use of cryptocurrencies to avoid international sanctions. The cryptocurrency makes it a perfect tool to use, against sanctions, as it doesn’t have to be traded through banks. It is worth noting that crypto transactions are considerably more difficult to track.
It is worth noting that Iran placed its first international import order on August 9th. The order was reportedly worth around $10 million in cryptocurrencies. Moreover, at that time, Deputy Minister of Industry, Mine & Trade Alireza Peyman-Pak stated that the use of smart contracts and cryptocurrencies in a selection of trading agreements will be eligible in September.