Business

Iran Passes Law On Use Of Digital Currencies For Import Payments

Iran’s trade ministry has approved using digital currency for import payments. The move comes after the country’s first official automobiles import order worth about US$ 10 million on 9 August using cryptocurrency for payment. With the approval and regulation of digital currencies to pay for imports, Iranian businesses can now bring goods into the country without using the euro or the US dollar. The country has been under international trade sanctions due to its nuclear programme, and has consequently focused on developing the use of cryptocurrencies for global trade. It has already regulated bitcoin mining in the country, where miners can take advantage of the country’s subsidised energy. The plan to use cryptocurrencies for import payments started last year when the Central Bank of Iran authorised local banks, currency exchanges and licenced miners to process import bills using cryptocurrencies. In January this year, it also announced that it was planning to launch a central bank digital currency.