The Central Bank of Iran has approved the use of digital currencies mined by authorized digital currency miners in the nation to pay for purchases by banks and currency exchangers. In the meantime, a legislation is being prepared to offer legal transparency on digital currency-related operations.

Paying for Imports with Digital currencies

According to the Financial Tribune, the Central Bank of Iran (CBI) has declared that banks and approved currency exchangers will use cryptocurrencies mined by authorized crypto miners in Iran to pay for imports. The following is taken from the publication:

The central bank says that lenders and licensed currency exchange offices have been notified about the regulatory framework for crypto payment.

The Iranian government changed its digital currency regulations in October of the previous year, allowing the national bank to finance imported purchases with bitcoin mined lawfully in the nation. Authorized cryptocurrency miners would sell their coins to the national bank. The CBI and the Ministry of Energy have together proposed the plan.

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Iran has given over 1,000 cryptocurrency mining permits, such as the one to Iminer, a large Turkish bitcoin mining company. Bitcoin miners have been given particular use of electricity provided by three of Iran’s power stations, which are permitted to mine digital currencies. Apart from that, Iran closed down 1,620 unregulated crypto mining operations in January.

In the meantime, the president of the economic commission, Mohammadreza Pourebrahimi, stated the commission has conducted a thorough investigation into cryptocurrency operations in Iran and will report its findings in the following week.

He was mentioned by Tasnim News Agency as stating, “We plan a bill in which a new mechanism for cryptocurrency-related activities is laid out”

The bill would outline the responsibilities of regulatory bodies such as the Central Bank of Iran and the ministries of ICT, industries, energy, and economy.

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