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Iran Approved Legislation That Will Allow Using Crypto for Imports

After Iran’s parliament passed a law allowing the use of cryptocurrencies in business transactions, digital assets can now be used to pay for imports.
The act revises the legislation governing cryptocurrencies, as well as the permission to use cryptocurrencies to pay for imports and the provision of fuel and power for mining.
The Central Bank of Iran has given its OK for imports to be paid for with different cryptocurrencies. The official article states that people can now even buy cars with digital assets instead of traditional currencies like US dollars or euros.
Iran said earlier this month that it had successfully completed its first crypto-based transaction. It was worth 10 million USD. At the time, the Ministry of Industry, Mines, and Trade of the country said that by the end of the month, cryptocurrencies would be used for imports in a much bigger way.
At the beginning of the month of July, the United States announced a new set of sanctions against Iran’s oil industry. Iran took steps in crypto at the same time.
Iran was the country that was subject to the most international sanctions as of March of this year. But Iran lost this position when the U.S. and its allies put Russia on a list of countries that can’t trade with them because of its invasion of Ukraine.
People think that Iran is trying to avoid following US sanctions. It get around trade bans by using cryptocurrency.
U.S. lawmakers have recently expressed concern about the use of cryptocurrency to get around sanctions. They pointed out that Russian businesses might use cryptocurrency to lessen the effects of the sanctions.


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