The Iranian central bank has authorized banks and money changers to use cryptocurrencies mined by licensed crypto miners in the country to pay for imports. In the meantime, a bill is being prepared to provide regulatory clarity regarding crypto-related activities.

Using cryptocurrencies to pay for imports

The Central Bank of Iran (CBI) has announced that banks and licensed money changers can use cryptocurrency mined by licensed crypto miners in Iran to pay for imports, the Financial Tribune reported on Saturday. The publication described:

According to the central bank, lenders and licensed exchange offices have been informed of the legal framework for crypto payments.

In October last year, the Iranian government changed its cryptocurrency regulation to allow the country’s central bank to fund imports with bitcoin legally mined in the country. Licensed crypto miners have to sell their coins directly to the central bank. The measure was proposed by the CBI and the Department of Energy.

Iran has issued over 1,000 licenses to crypto miners, including one to the Turkish bitcoin mining giant Iminer. Power plants in Iran are allowed to mine cryptocurrencies, and Bitcoin miners have been given exclusive access to electricity generated from three of them. In January, Iran closed 1,620 illegal crypto mining farms.

Meanwhile, Mohammadreza Pourebrahimi, head of the economic commission, said the commission had carried out a full investigation into crypto activities in Iran and would present its results next week.

“We are planning a bill that will describe a new mechanism for activities related to cryptocurrency,” the Tasnim news agency quoted him as saying.

The draft law sets out the obligations of the administrative authorities, namely the Iranian Central Bank and the ministries of ICT, industry, energy and economy.

What do you think of this new central bank policy on using cryptocurrencies to pay for imports? Let us know in the comments below.

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