Following the ever-increasing adoption and use of cryptocurrencies globally, the Iranian Government is gradually joining the rally. During the past few months, the Iranian Government has been softening its stance. Earlier, an Iran minister revealed an ongoing plan to allow the use of virtual currencies as a mode of payment to other countries.
Iran To Allow Business Pay With Crypto For Imports
According to the Iranian minister for mines and trade, the Government is in talks about the possible adoption of cryptocurrency as payment for intercountry transactions. Minister Reza Fathi stated that consultation is going on for the adoption and regulations for crypto.
Reza made the adoption statement during an exhibition in Tehran on Monday. He alleged that the regulatory framework would be released soon after conclusion and approval by the lawmakers.
According to the minister, payment will be made in virtual currencies for all imports or transactions purchased from other countries. The virtual currency will substitute the use of dollars or euro as a mode of payment.
With the recent update, Iran has fully acknowledged the importance of crypto and digital assets, which will be fully tapped. However, he stressed that the Iran crypto space would be fully regulated to avoid its citizens being vulnerable to scammers and cybercriminals.
The regulatory framework will give complete regulations on virtual currency mining, trade, electricity use, authentication, and other related elements. The use of crypto will be allowed after the Iran central bank and Ministry of Industry conclude their project and research. Iran’s cryptocurrency space/industry will be fully exploited and adopted in the next few months.
The transition of Iran’s Anti-Crypto Stance To Adoption
Before now, Iran has been one of the frontiers kicking against the use and adoption of cryptocurrency. Iran, alongside other countries like: China, Bangdalesh’s strict anti-cryptocurrency stance was one of the banes of the cryptocurrency space.
The countries banned all forms of cryptocurrency transactions on their coasts and areas. The Iranian Government suspended and prohibited its citizens from operating in any crypto-related activities.
Despite the hard anti-crypto stance of the Government, Iran has always been a solace for cryptocurrency/BTC miners. The amount of crypto/BTC miners in Iran has increased over the years, although their activities were declared illegal.
In late 2020 the Government’s stance began to soften, as they were showing interest in cryptocurrency. The transition/adoption was a slow one as the Government never made its interest known until 2022.
Although the Government is still kicking against illegal crypto mining, they are also looking forward to the effect of crypto on its economy. Earlier this month, the Iran Trade Development Organization (TDO) imported cars worth $10 million, which the payment was made in cryptocurrency.