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Iran has become the latest country to enact legislation to recognize and legalize cryptocurrency payments. In a bid to bolster trade, the Iranian Trade Minister, Reza Fatemi Amin, announced that the country has approved the use of cryptocurrency payments for imports. The detailed regulations outline the use of cryptocurrencies for trade and the supply of fuel and electricity to Bitcoin (BTC) and crypto miners working in the country.
The move to legalize cryptocurrency was expected as the country had previously announced that crypto would be widely used by September 2022. Acting with immediate effect, Trade Minister Amin made the announcement just a week after Iran placed its first-ever import order for vehicles, a $10 million deal paid for in cryptocurrency.
Iran’s Import Association quickly requested clear-cut regulations to guarantee traders are not restricted by constantly moving directives. The new regulations do, in fact, make provision for mining operators to receive fuel and energy. In addition, licenses will be granted.
The move is seen as a huge plus to the cryptocurrency business. With countries such as the USA, the UK, and the European Union all seeing crypto as legal, the move to worldwide recognition continues apace. Canada and Australia are both seen as crypto-friendly countries, and in fact, the list of countries where it is still illegal is shrinking rapidly. None of the countries with absolute bans are seen as big players, with the obvious exception of China, whose stance surprises nobody.
Iran’s stance on legalizing cryptocurrency is important. Due to the nuclear restrictions that are imposed on the regime, the country is seen as something of a barometer when it comes to its stance on cryptocurrency. Iran is not allowed to use the US dollar in international transactions. These restrictions have obviously had a negative impact on the import and export of goods to and from the country.
By enabling the use of cryptocurrency, the Iranian government hopes to open up the international trade that has been extremely limited for many years. The move is bound to cause consternation among the US hegemony of worldwide banking. However, for the crypto world, it is a huge positive, as yet another country recognizes the advantages that noncustodial digital banking can bring to the party.
There has been no official statement from the US, but this is bound to be of concern to them, as it enables countries like Iran to circumvent trade sanctions. It will be interesting to see who is on the other end of the deal. Additionally, many are eagerly awaiting how the US government will react.
Iran granted operating licenses to thirty companies for crypto mining back in June of 2021. They also approved access to two thousand five hundred permits to establish mining operations. There has been a big crackdown on illegal mining, and at one point, they imposed a three-month ban to get on top of the illegal trade and relieve the pressure that had been placed on the country’s national grid.
For the moment, however, the world of crypto is celebrating another country legitimizing digital currency trading.
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The much talked about Polygon MATIC cryptocurrency platform is directed and discussed to provide a thorough guide to this relatively new kid on the block
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