Central Bank of Iran Makes a Promising Announcement for Crypto Miners

There are possibilities that the cryptocurrency community may see Iran becoming one of the most welcoming countries in the coming months or years. The major reason behind that is because the country is finding it difficult to deal with the economic pressure through its reserved currency.

One of the major problems with Iran is that it is currently on United States’ blacklist. This is why the United States has passed several sanctions against the country. Many countries in support of the United States have stopped their trades with Iran.

Then there is the gas shortage dilemma that Iran has been facing for some time but the situation has only worsened. Now the country is in a bad shape and is constantly being pushed into a corner because of its economy.

Now the country is trying to make a comeback, not in the old fashion but it is doing it in a more innovative manner. Similar to countries such as Nigeria, Venezuela, Pakistan, and many more, Iran is also looking into the possibilities of legalizing digital currencies.

The regulatory authorities in the country are in the process of exploring the cryptocurrency space to find out exactly how it can be used for the betterment of the country’s economy in the coming years.

Just recently, one of the local media sources from Iran has released joyful news for the cryptocurrency miners in the country. The central bank of Iran has announced that the cryptocurrencies acquired from legal and authorized sources can be used for making import payments.

In the light of the above, the licensed forex shops and banks in Iran would be authorized to use authorized mined cryptocurrencies to make payments for the imports they carry out.

The central bank of Iran however, has made it very clear that the cryptocurrencies that the licensed forex shops and banks use must be from miners who are licensed.

The government of Iran has already issued licenses to such operations that are currently working on an industrial level. These operations are legalized and permitted by the regulatory authority of Iran to carry out trading and mining of cryptocurrencies.

The authority responsible for issuing operating licenses to such industry-level trading and mining projects is the Ministry of Trade, Mine, and Industry.

According to reports, it was back in October 2020 when Iran had legalized the utility of cryptocurrencies for imports.

However, at that time, there was another condition that had to be met, which was that the crypto-miners would sell their cryptocurrencies to the central bank of Iran.

Then it was the responsibility of the CBI to distribute the mined cryptocurrencies to the relevant industries for import processes.