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With the approval of the country’s Industry, Mines and Trade Ministry, Iran has taken a significant step into the world of cryptocurrencies.

The country’s Trade Minister Reza Fatemi Amin confirmed the development with local news outlets, saying the new regulations allow cryptos to be used in trade and to pay for fuel and electricity for Bitcoin (BTC) miners.

Amin said the resolution “specifies all issues related to cryptocurrencies, including how to provide fuel and energy to mine them, and how to grant licenses.”

Iran’s Trade Development Organization approved its first official import order using cryptocurrencies a few weeks ago – worth $10 million for the import of cars.

A new regulation allows any goods to be imported into Iran and paid for using cryptocurrencies, as a workaround to U.S. sanctions that have hurt the Iranian economy.

Iran’s trade ministry previously stated that cryptos and smart contracts would be widely used in foreign trade by September 2022.

Read more here

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