Media: Iran to pay for imports with bitcoins mined domestically

The Iranian government has approved a mechanism for paying for imports with bitcoins received by the central bank that were mined by local miners, as reported by TrustNodes, citing the state news agency IRNA.

“Miners must supply the original cryptocurrency directly and within the permitted limit through channels established by the Bank of Iran,” the report of the monetary regulator and the Ministry of Energy states.

The limit for each miner will be determined based on the level of subsidised electricity used for mining and the Ministry of Energy’s instructions.

Iran has been under U.S. sanctions since 2018. The SWIFT отключила the central bank and other Iranian financial institutions, making dollar settlements for imports unavailable. This has driven the country’s interest in cryptocurrencies.

In July this year, power plants in Iran позволили to operate with mining farms provided they have a permit and ‘compliance with the established tariffs’.

Earlier in September, Iran предложили paying for car imports with cryptocurrency.

Last summer, ForkLog reported on plans by the authorities to issue a gold-backed ‘cryptocurrency’. In December 2019, Iranian President Hassan Rouhani proposed creating a single CBDC for Islamic states to counter the dollar.

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