HomeBitcoinIran Import Association requests regulatory clarity for the use of cryptocurrency in...

Iran Import Association requests regulatory clarity for the use of cryptocurrency in international trade.

-

Government officials are urged by corporate lobbyists to build a suitable infrastructure and prevent the emergence of business rent.

Iran’s importers emphasize the need for stable regulations in the wake of the first officially reported cryptocurrency payment in the sanctioned nation’s international trade.

Alireza Managhebi, the head of Iran’s Importers Group and Representatives of Foreign Companies (Import Association), was quoted in local media on Saturday as stressing the need for reliable infrastructure and regulations in order to successfully use cryptocurrencies for imports:

“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 questioned the notion that the official adoption of cryptocurrencies for imports would end the dominance of the dollar in the Iranian market and emphasized a potential danger posed by the new payment method: the emergence of rent-seeking business organizations.

Iran ordered its first international import on August 10 using cryptocurrency worth $10 million. Peyman-Pak stated that the $10 million order represents the first of many international trades to be settled with cryptocurrency, despite the official withholding any information regarding the cryptocurrency used or the imported goods involved.

The Islamic country is ready to accept cryptocurrencies as early as 2017. It amended previously published legislation to permit cryptocurrency to be used for funding imports in October 2020.

Iranian miners received 30 operating licenses from the Iranian Trade Ministry in June 2021 to mine cryptocurrencies, which must then be sold to Iran’s central bank. Iran is currently paying import bills with the coins it mined.

Leave a Reply

LATEST POSTS

Community releases music and artwork that is inspired by ETH to commemorate the Merge.

Co-founder of Ethereum Vitalik Buterin thanked everyone who contributed to the Merge in a tweet. The Ethereum community celebrated the successful transition of the Ethereum network...

Us Treasury Sanctions Iran-based Cybercriminals.

New Bitcoin Addresses are Blacklisted by OFAC In the USA, Bitcoin addresses are not welcome. In accordance with a statement dated September 14, the crypto addresses...

Terra founder Do Kwon has an arrest warrant out of South Korea.

Kwon and five other people, who are now in Singapore, are the subjects of an arrest warrant issued by a court in Seoul, South Korea. The...

Crypto: Chainalysis report: Emerging markets dominate the worldwide adoption index.

While the crypto winter's cold winds caused worldwide adoption to slow down, emerging markets appear to be on fire in terms of adoption, outpacing higher-income...

Follow us

0FansLike
3,498FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img
%d bloggers like this: