The Iranian authorities have allowed the use of cryptocurrency as a way to pay for imported goods. In October 2020, Iran’s central bank changed its rules so that bitcoin and other cryptocurrencies can now be mined officially under government control using subsidized energy and then supplied to the government to finance imports. This time, the central bank has expanded the rights to legally use cryptocurrencies.
“Lenders and exchangers have been notified of the regulatory framework for payments in cryptocurrency,” the Iranian authorities said. “We haven’t provided any additional details yet, but they will come in the near future.”
In 2019, Iran legalized cryptocurrency mining, but at the same time introduced tough rules to control it. Taking this practice as a way to accumulate sanctions-proof funds, journalists at the Financial Times wondered if Iran was going to become a “land of bitcoins.”
In 2020, Iran came under US sanctions. Official financial institutions have been disconnected from the SWIFT interbank system – now they cannot pay with dollars on imported goods.
In July 2020, the government obliged miners working in the country to register with the disclosure of the identity, type and amount of installed equipment. The authorities allowed them to work with a license and a specific tariff.