Young Journalists Club | Latest news of Iran and world

News ID: 48895
Iran » Iran
Publish Date: 8:05 - 25 October 2020
Sunday, 25 October 2020_The Iranian government has amended its regulations on cryptocuurencies to allow them be exclusively used for funding imports at a time of increased pressure on the country’s normal use of hard currencies.

Iran allows exclusive use of cryptocurrencies to fund importsThe Cabinet amended a previously issued legislation on the use of cryptocurrencies in Iran by redirecting digital monies into the Central Bank of Iran’s funding mechanisms for imports, according to a Saturday report by the official IRNA news agency.

The report said new regulations have been enacted in response to a joint proposal by the CBI and the Iranian Ministry of Energy.

Based on the laws, the cryprocurrencies legally mined in Iran will only be exchangeable when they are used to finance imports from other countries.

“The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI,” said report.

The Cabinet amended a previously issued legislation on the use of cryptocurrencies in Iran by redirecting digital monies into the Central Bank of Iran’s funding mechanisms for imports, according to a Saturday report by the official IRNA news agency.

The report said new regulations have been enacted in response to a joint proposal by the CBI and the Iranian Ministry of Energy.

Based on the laws, the cryprocurrencies legally mined in Iran will only be exchangeable when they are used to finance imports from other countries.

“The miners are supposed to supply the original cryptocurrency directly and within the authorized limit to the channels introduced by the CBI,” said report.

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