Iran is one of the countries that was severely affected by international sanctions imposed by the European Union and the US. The country managed to establish some trade relationships with Russia, China, and other countries that do not support sanctions, but the lack of US dollars in the country means that they cannot pay for some imports even if they need them.
The new regulatory framework for cryptocurrencies is supposed to solve this issue by allowing the country to pay for some imports with cryptocurrencies, but, more importantly, will make the country more attractive to Bitcoin miners. The new set of regulations will dictate how miners can obtain licenses, establish networks, maintain and power them, and provide new rules for using cryptocurrencies.
The move is also a step closer to the nationwide adoption of cryptocurrencies and can be seen as an attempt to integrate digital assets into the broader economic infrastructure to battle against sanctions that reduce the capacity of the Iranian industrial sector to obtain valuable resources. Now, some of them can be purchased for BTC and ETH.
It is not only talk. On August 8, the minister of Industry, Mines, and Trade Alireza Peymanpak announced on Twitter that the country purchased a batch of resources from an international vendor for $10 million paid with crypto. He also added that the use of cryptocurrencies in foreign trade will be much wider and allow many Iranian businesses to conduct operations using digital currencies instead of US dollars and euros.
Interestingly, Iran’s slow pace of adoption is also one that shows that a country can make significant strides toward efficiently regulating crypto without rushing things. In 2021, the country established IBCA (stands for Iran Blockchain and Cryptocurrency Association) which has been quite effective at producing valuable propositions on how to implement cryptocurrencies in the Iranian economy.
Just a year later, we see factual applications of digital currencies. The ability to pay for imports with crypto is a piece of evidence supporting the idea that sanctions and regulations cannot stop crypto! We will continue following the story as it unfolds.
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