Iran Allows Banks to use Cryptocurrency as Payment Option

Iran, which is facing a deep economic crisis amidst a pandemic outbreak and American sanctions, continues to explore the use of digital coins as a way to escape the crippling restrictions. Per local media reports, the Iranian central bank gives the go-ahead to banks and government-recognized forex traders to use cryptocurrencies as a form of payment. 

According to the federal regulator’s instructions, the digital tokens should be mined only by licensed miners. Tehran has officially declared it as an industrial activity and imposed a condition for operators to win licenses from the authorities.

Media reports suggested that the central government has approved regulations that would allow the digital assets to be officially used as a mode of payment for the last financial quarter’s imports. However, the miners have been told to only sell the currency to the Central Bank of Iran.

Over the last few years, the Iranian regime has invested a good amount of time researching the potential use of crypto assets to evade crippling sanctions. Plus, a push from the national parliament’s chamber of industry ramped up the efforts. Reportedly, the lawmakers presented VenezuelaVenezuela as an example, who used the blockchain to mitigate sanctions.

Shahab Javanmardi put forward a plan to enable creating a central market, identical to the forex, which miners would use to sell their coins to firms and industries seeking to export their products.

Despite this development, Iran’s crypto marketing has been struggling, with governments shutting down illegal farms. Not only that, but earlier this year, it also blamed the miners for long power shortages.

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