Trading companies in Iran are calling for regulations and infrastructure to continue using crypto for payments in international trade.
The head of Iran’s Importers Group and Representatives of Foreign Companies (Import Association), Alireza Managhebi, pointed to the need of stable regulations and further clarity to continue using cryptocurrencies for imports successfully. As cited by the Tehran Times, he said:
“The question is, has the government developed consistent regulations for the cryptocurrency uses so that they will not change within two months and the businessmen active in this field will not be harmed?”
Managhebi’s remarks come at the back of an international import order placed on August 10, which was transacted using $10 million in cryptocurrency.
While some groups fear the end of dollar dominance in the Iranian market by using cryptocurrencies for imports, the head of the Iranian Import Association said he does not necessarily consider this a threat.
Iran is considered a pro crypto nation. It started to embrace cryptocurrencies years ago in 2017.
The idea to bypass sanctions was previously suggested in a 2018 report from the Majlis Research Center that advised:
“According to experts, one way to avoid the adverse effects of the unjust sanctions is to use cryptocurrencies for foreign trade.”
It was already back in April of 2021, that the Central Bank of Iran (CBI) started notifying money changers and banks of an amended regulatory framework for crypto payments. Institutions such as banks and forex shops could circumvent U.S. economic sanctions and pay for goods and services from other countries by using cryptocurrencies mined in Iran. It was estimated then, that local Iranian crypto mining industry could generate as much as $2 million in revenue daily.
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Source: Igaming
