Iran proposes paying for imported cars with cryptocurrency.

The chief executive officer of the Kish Free Zone Organization (KFZO), Gholam-Hossein Mozafari, proposed paying for imports of vehicles in cryptocurrency. This was reported by ArzDigital.

Mozafari’s initiative will be presented to the central bank. The regulator had previously refused to finance import programmes due to inflation in the national currency and other economic problems in the republic.

The KFZO proposal involves using assets mined in the territories of free economic zones. In this way the organization aims to alleviate pressure on the economy.

«If the central bank agrees to settle transactions, cars could be imported into three free zones and paid for with a digital currency. This would solve the problem with cars,» says Mozafari.

In 2019, Iranian authorities recognised mining as an industrial activity. Cryptocurrency mining requires a licence from the Ministry of Industry, Mines and Trade, and is taxed.

In July this year the government obliged miners to register in Iran with disclosure of identity, the type and quantity of installed equipment.

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