- Iran has signed crypto payments for international trade into law
- The news follows a crypto payment for an unnamed import earlier this month
- Iran can currently flout U.S. sanctions by paying in cryptocurrencies
Iran has formally signed in regulations that permit trade using cryptocurrencies, allowing it to defy U.S. sanctions – for now. Following a trial import last week for which the country paid $10 million in an unnamed cryptocurrency, the government has signed into law regulations that offer an approved way of dealing with trade in digital assets while also regulating the supply of fuel and electricity for cryptocurrency mining.
Landmark Ruling Rubber Stamped
News of the landmark agreement was made on Sunday by Fatemi Amin, Minister of Industry, Mine and Trade Reza, at the conclusion of an exhibition of automotive industry in Tehran. Amin said that the comprehensive and detailed law ratified by the administration authorises state bodies to pay for goods and services with cryptocurrencies, potentially allowing countries to deal with Iran without technically breaching U.S. sanctions – as long as they are happy to take cryptocurrency.
Amin told reporters that the administration had passed the act introducing regulations on trade transactions with cryptocurrencies following a deal being struck between the Ministry of Industry and the Central Bank of Iran, following the successful trial import three weeks ago. The minister also noted that local business people can now import cars using cryptocurrencies instead of US dollar or euro.
Development Will Embolden Crypto Critics
The news will obviously not have gone down well with the U.S., who will now be looking for ways to include cryptocurrencies on the list of sanctioned payment methods. It will also not do the image of crypto any good in the public’s eyes and won’t help with attempts to get the government to loosen its plans on regulating the crypto sector.
However, it does reinforce the central creed of many in the crypto space, which is freedom from financial oversight, so there is that.
Hooray.
