In the aftermath of the first officially reported crypto payment in the sanctioned country’s foreign trade, Iranian importers are stressing the need for stable regulations to continue trade via cryptocurrencies.
On Saturday, local news quoted the head of the Iranian Importers and Representatives of Foreign Companies Group (Import Association), Alireza Managhebi, as pointing out that stable regulations and infrastructure should be prepared in order to successfully use crypto. – currencies for imports:
“The question is whether the government has developed consistent regulations for the uses of cryptocurrency so that they do not change within two months and that businessmen active in this field are not harmed?”
Managhebi also doubted the belief that the official use of cryptocurrencies for imports could end the dominance of the dollar in the Iranian market and recalled a possible threat – the new mode of payment could lead to the emergence of rent-seeking commercial groups.
Related: Iranian government to cut power to legal crypto mining rigs in the country
On August 10, Iran placed its first international import order using $10 million worth of cryptocurrency. Although the official did not disclose any details about the cryptocurrency used or the imported goods involved, Peyman-Pak said the $10 million order represents the first of many international exchanges to be settled with crypto.
The Islamic nation was positioned to adopt cryptocurrencies as early as 2017. In October 2020, it amended previously released legislation to allow the use of cryptocurrency to finance imports.
In June 2021, Iran’s Ministry of Commerce issued 30 mining licenses to Iranian miners to mine cryptocurrencies, which must then be sold to Iran’s central bank. Iran now uses these mined coins for import payments.