Iran to legally allow Bitcoin mining for import payments


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Iran to legally allow Bitcoin mining for import payments
Iran to legally allow Bitcoin mining for import payments REUTERS/Dado Ruvic/Illustration

The Central Bank of Iran (CBI); it will allow banks, cryptocurrency miners, and currency exchanges to make import payments using cryptocurrencies.

According to a report from the Financial Tribune, the CBI issued a statement concerning banks and licensed exchanges for crypto payments. The government says it will soon introduce a bill to clarify the situation in the country.

Depending on international trade, the United States has greatly affected Iran’s gas and electricity trade.

Therefore, Iran began to look for other ways to circumvent the embargoes on its country and investigated the benefits of cryptocurrencies. As reported, Iran became the first country to start processing Bitcoin as a means of exchange on October 29, 2020. By January 2021, the government has granted more than 1,000 licenses for crypto mining by offering power plants to miners.

Crypto mining is legal in Iran, but every miner needs a license from the Ministry of Industry, Mines, and Trade to work legally. Licensed miners are required to sell bitcoin to the Central Bank of Iran, which they dig through channels provided by the asset.

Iran’s history with cryptocurrencies was turbulent at first, and crypto mining was illegal until 2019. After several power outages were reported across the country, local authorities seized the system of 45,000 so-called “rigs” in January this year and blamed heavy electricity use.

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