Iran implements rules allowing businesses to use crypto for import trade transactions

report, around 4.5% of global bitcoin mining occurs in Iran due to cheap electricity, which allows the country to circumvent trade embargoes and lessen the impact of sanctions. In turn, opening the country up to the international financial system.

The new regulations could enable Iran to bypass U.S. sanctions imposed on the country since 1979.

The Department of State’s Office of Economic Sanctions Policy and Implementation currently oversees several U.S. sanctions that restrict various commercial trades between U.S. companies and Iran.