The Iranian trade minister revealed on Monday that all regulations and logistics have been arranged to facilitate the use of cryptocurrencies in Iran’s international trade. This move comes nearly 3 weeks after Iran officially announced to have completed $10 million worth of cryptocurrency payments for imports.

Iran’s Trade Minister – Reza Fatemi Amin – said the country, which has been facing US sanctions since 1979, has finalized regulations for cryptocurrency import payments . Minister Reza further revealed that all logistics, including assigning and granting licenses and the provision of fuel and energy for mining activities, have been finalized.

On 9th August 2022, Peymanpak, who is also chairman of the Iran Trade Promotion Organisation (ITPO), announced that Iran had completed payments for imports worth $10 million using cryptocurrencies at that time. He also mentioned that digital assets and smart contracts will be more widely used by Iran in their domestic and international markets.

The preparation to use cryptocurrencies to pay for imports began last year when Iran’s central bank approved domestic banks, currency exchanges, and licensed miners to process import bills using cryptocurrencies. Right now, licensed miners operating in Iran account for about 4.5% of the total hashrate. Iran is also among the top 5 countries in this regard and earns crypto revenue in license fees and premium on the power supply.

In January, the country also revealed that it is planning to float a central bank digital currency. It however did not provide a specific timeline as to when the central bank digital currency will be launched. Top CBI officials stated that cryptocurrency is the solution to end rising financial instability across the globe.

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