Iranian people and businesses have lately been reminded by the head of the country’s monetary authority that it is forbidden to purchase or sell cryptocurrencies in Iran.
However, the governor did point out that it is not illegal in the Islamic Republic to mine cryptocurrency and use them to pay for imports.
The CBI chairman clarified that it is acceptable for Iranian businesses to use cryptocurrency to pay for imports, citing rules set by the bank and other governmental organisations like the Ministry of Industry, Mine and Trade two years ago.
Salehabadi made his remarks after Iran’s first import order utilising bitcoin as a payment method was revealed on Tuesday by Alireza Peymanpak, the deputy minister of trade.
The government official, who also serves as the head of the country’s Trade Promotion Organization, disclosed that the Islamic Republic spent $10 million on digital currency to purchase commodities.
But, Iranian officials are not willing to permit cryptocurrency payments inside Iran. The government cracked down on local exchanges and forbade cryptocurrency mining in Iran, and only banks and authorised moneychangers are permitted to use it to pay for imports. Crypto trading and investing will also not be tolerated.
Numerous businesses have been granted licences to mint digital currencies like bitcoin since 2019, when Tehran’s government recognised mining as a legal economic activity.
But the nation’s growing electricity shortages and blackouts have been attributed in part to energy-intensive industries, particularly during the hot summers when consumption soars due to rising cooling demand and the chilly winter months when heating needs swell.
Since then, registered crypto farms have repeatedly received orders to turn down their energy-guzzling machinery as Tavanir, the Iranian power generation, transmission, and distribution company, pursued unlicensed miners and discovered thousands of subterranean crypto farms.
