• April 23, 2024

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Iran Allows Payment of Imports with Crypto

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Iranian companies can now use digital assets in transactions for imports to circumvent sanctions following the agreement between the Ministry of Industry and the country’s Central Bank.

The initiative is included in the new law approved by the presidential administration. The document also defines the rules regarding cryptocurrencies and the supply of electricity for mining.

The authorities of the country intend to replace transactions that were previously made in US dollars or euros.

According to local media, Iran carried out earlier this month an import operation of $10 million which involved a payment in crypto.

In July, The New York Times allowed the OFAC to collect a fine from Kraken for violating the sanctions regime after reportedly serving 1522 users from Iran.