Strapped for global currencies, Iran is turning to digital assets to permit imports to continue to flow. Quoting an article from The Islamic Republic News Agency, Iran Daily recently reported that the nation’s cabinet has modified new legislation on digital assets to let digital currencies be used for import funding by the Central Bank of Iran.
The alterations in the law had been cooperatively suggested by the Central Bank of Iran and the cabinet previously. The modification signifies that legitimately mined digital currency in the nation can only be exchanged if used to fund imports from other countries.
From now on, the crypto miners will supply the virtual assets directly to the Central Bank of Iran within an approved limit, according to IRNA’s report. Notably, this would be based on how much subsidized energy a cryptocurrency miner uses, as well as directions to be issued by the Ministry of Energy.
Digital currency has become more and more important in Iran as the nation suffers from financial griefs brought by the sanctions imposed by the United States and the coronavirus epidemic.
It is to be noted that crypto mining was made legal last year, nevertheless the sector is deeply regulated by the government making it a hard jurisdiction in which to function.
As a conclusion, Iran Daily recommended that using BTC for import payments could aid the state evade sanctions that enforce limits on Iran’s access to the dollar.
The Future is Now Media Group have launched a YouTube show called The Future is Now Digest, hosted by Miguel Francis-Santiago. Together […]
April 30, 2020
PRESS RELEASE — 10,000 participants are expected to join CHAIN2020 in Hong Kong on January 15, which aims to become one of […]
December 27, 2019
The Eastern Caribbean Central Bank has recently launched a regional central bank digital currency, dubbed DCash, in partnership with Caribbean fintech company […]
April 10, 2021
Talking to CNBC on 8th April, the Morgan Creek Digital co-founder followed up on a cautionary note from investor Peter Thiel that […]
April 10, 2021