Iranian businesses can now use cryptocurrency for imports | Crypto

Iranian businesses can now use cryptocurrency for imports

Irans industry, Mines and Trade Ministry has approved the use of cryptocurrency for imports into the country amid ongoing international Trade sanctions.
-the new regulations specify all issues related to cryptocurrencies, including the process to grant licenses as well as the provision of fuel and energy to mining operators in the country.
-it is understood that local businesses will be able to import vehicles into Iran and a range of different imported goods using cryptocurrencies instead of United States dollar or euro payments.
-international Trade sanctions against Iran have been largely due to opposition to its nuclear program, which has essentially cut the country out of the global banking system.
-Iran has since shifted its attention to adopting cryptocurrencies as a means to address and potentially bypass sanctions for imports, given the decentralized nature of public blockchains like Bitcoin and Ethereum, which are not controlled by government or Central authorities.

Iranian businesses can now use cryptocurrency for imports

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