Iran legalizes digital asset payments for imports

Two weeks ago, Iran saw the first digital asset payment for imports, and now the Iranian government has officially legalized payments for imports through digital assets.

As CoinGeek reported, Deputy Minister of Industry, Mines and Trade Alireza Peyman-Pak pledged to push for digital asset payouts, stating that “by the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.”

Local news outlet Tasnim is now reporting that the Iranian government has passed a law that legalizes payment for importing digital assets.

Speaking to reporters recently, the Minister of Industry, Mines and Trade, Reza Fatemi Amin, revealed that the new law looks at the regulation of digital assets, ranging from the supply of electricity for the exploitation mining the extent of goods and services that can be paid for in digital assets.

The aim is to facilitate payments for importers, the minister said. To this end, the Central Bank of Iran and the Ministry of Industry have teamed up to streamline digital asset payments for imports, including cars. Iran recently lifted its four-year ban on car imports. The government estimates that the market demand is around 1.2 million cars per year, a substantial part of which could be paid for in digital assets.

The new law comes just days after Iranian importers demanded regulatory clarifications regarding the use of digital assets in foreign trade.

Speaking to local media, the head of Iran’s Importers Group, Alireza Managhebi, welcomed the decision to allow digital asset payments for imports. However, he questioned the mechanism used by the government, which could easily be changed overnight or even exploited by unscrupulous officials.

“The question is whether the government has developed consistent regulations for the uses of cryptocurrency so that they do not change within two months and that businessmen active in this field are not harmed?”

Alireza also noted that digital assets will not completely end the dominance of the US dollar in the import sector. While they would be a welcome reprieve for many, he pointed out that digital assets have their own place, and the USD has its own.

Iran is the second most sanctioned country in the world after Russia, which has weighed heavily on its international trade. For a long time, the Middle Eastern country has touted digital assets as the solution to sanctions, but this is the first time it has taken a concrete step towards using digital currencies for imports.

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