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Iran Central Bank to Allow Money Changers, Banks to Pay for Imports Using Mined Crypto
The bank had previously stipulated only digital assets for import funding could be used by itself and no one else.
Iran's central bank is reportedly allowing the country's financial institutions to use cryptocurrency, derived from sanctioned miners, to pay for imports.
STORY CONTINUES BELOW
According to a report by the Financial Tribune on Saturday, the Central Bank of Iran (CBI) has notified money changers and banks of its amended regulatory framework for crypto payments.
The amendment means those institutions will now be able to pay for goods and services from other countries in a bid to circumvent U.S. economic sanctions. Some say the local crypto mining industry could generate as much as $2 million a day in revenue.
The bank had previously stipulated only digital assets for import funding could be used by itself and no one else. All miner's coins had to be sold to the bank directly, as previously reported.
See also: Iran Reportedly Seizes 45K Bitcoin Mining Machines After Closure of Illegal Operations
CoinDesk attempted to contact the CBI but did not receive a reply by press time.
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
