Bitcoin (BTC): the solution to circumvent US sanctions?

Admittedly, the Iranian government has always accepted that cryptos, especially bitcoin (BTC), are used to pay for imports. But, certain events have made Iran’s story with digital assets complex. For example, the Iranian central bank banned crypto trading in the country in 2019. However, it seems that today the Iranian government sees crypto as the ultimate solution to improve the country’s economic situation.

Iran Approves Crypto Regulations

According a tweet from Bitcoin Archive on August 29, “Iran approved regulations for trade, mining and import paymentin bitcoins (BTC) or altcoins. It seems that Iran adopted this measure to circumvent US sanctions affecting its financial and banking sector. According to the country’s Minister of Commerce, this new regulation takes into account “all questions related to cryptocurrencies“. The regulations explain in particular how to provide energy to operate digital assets and on what basis to grant licenses.

Industry, Mines and Trade Minister Reza Fatemi Amin said regulations on the use of cryptocurrencies as a replacement for the dollar and euro are ready by the government on Sunday. It must be said that Iran placed its first official order in cryptocurrencies in August. This order worth $10 million allowed Iran to test the possibility of using cryptos for various exchanges. It also made it possible to carry out transactions with other nations subject to a similar embargo.

Once not friendly to cryptos, Iran finally decided to use them to circumvent US sanctions. Alireza Peymanpak, an Iranian deputy minister, made a statement on the matter. He asserted, “By the end of September, the use of cryptocurrencies and smart contracts will be widely spread in foreign trade with the target countries.”

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