The country’s monetary authorities have lately warned people and businesses that it is now formally forbidden to purchase or exchange cryptocurrencies in Iran. The buying, selling, and usage of digital assets for investment objectives are prohibited, according to Ali Salehabadi, governor of the Central Bank of Iran (CBI).
At the same time, it is legal for approved people and organizations to mine cryptocurrencies that may be used for cross-border transactions. The governor clarified that cryptocurrency mining and using them to pay for imports are not illegal under Islamic Republic of Iran law.
The CBI director provided more details on rules passed by the bank and other government bodies including the Ministry of Industry, Mine, and Trade two years ago, stating that it is OK for Iranian businesses to use cryptocurrency to pay for imports. He was cited in a Friday English-language article from the Iranian Labor News Agency (ILNA).
Salehabadi’s comments follow Tuesday’s declaration by Deputy Trade Minister Alireza Peymanpak that Iran had made its first import order using bitcoin as a payment method.
The Islamic Republic of Iran, according to the government official who also serves as the president of the nation’s Trade Promotion Organization, spent $10 million on digital money.
However, as stated earlier this year by Deputy Minister of Communications Reza Bagheri Asl, Iranian officials are averse to accepting cryptocurrency payments domestically.
The government has cracked down on local exchanges, outlawing cryptocurrency trading and investing, and only permitting banks and authorized exchanges to accept payments in digital currency developed in Iran for imports.
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