Iran Allows Paying for Imports in Cryptocurrency

Iranian companies may use digital assets in import transactions to circumvent sanctions, according to an agreement between the Ministry of Industry and the Central Bank of Iran, Tasnim News Agency reports.

The initiative forms part of a new law approved by the president’s administration. The document also sets rules regarding cryptocurrencies and electricity supply for mining.

In Tehran, officials intend to replace operations previously conducted in US dollars or euros.

In August, Iran carried out an импортную операцию на $10 млн with payment in cryptocurrency, according to media reports.

In July, The New York Times noted OFAC penalties against the Kraken bitcoin exchange за нарушение санкционного режима. The platform could serve 1,522 users from Iran.

Earlier Reuters reported that Binance продолжала обслуживать клиентов из этой страны, обходя введенные Вашингтоном ограничительные меры.

In October 2021, the U.S. Treasury released instruction on sanctions compliance by crypto-industry participants.

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