Iran to Buy Imported Goods with Bitcoin

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The Iranian government made a new law change in order to use Bitcoin in foreign trade deals. Thanks to this change, the government will be able to buy Bitcoin directly from cryptocurrency miners in the country.

According to the information provided by the Financial Tribune, the Iranian government has made a major change in cryptocurrency regulations in the country. The amendment to the law, prepared jointly by the Central Bank of Iran and the Iranian Ministry of Energy, could enable the government to use Bitcoin in foreign trade deals.

The miner will produce, the central bank will buy

The IRNA news agency in Iran suggested that crypto money miners in the country can now sell directly to the central bank. According to this report, the Central Bank of Iran will determine a cap on behalf of the miners by calculating how much electricity the miners spend for each Bitcoin production. Miners will not be able to sell above this price limit.

Another news agency, named Mehr, claimed that it contacted the vice-president of Atirir, Mostafa Rajabi Mashbadi, and confirmed this claim. Mashbadi said the details of this agreement to be made directly with the miners will be announced by the Central Bank. Pressty, a state-owned news agency in Iran, also confirmed that miners will sell Bitcoin directly to the Central Bank.

To be used in trade deals

According to sources such as Iran Daily and CoinDesk, the Central Bank of Iran will use these Bitcoins from miners in foreign trade deals. Iran, which is subject to sanctions by countries such as the USA, is expected to use crypto money for imports.

It is not known whether Iran will pay for imported goods directly with Bitcoin, or whether it will use Bitcoin to fund the payment instrument. Kadir Has University lecturer İsmail Hakkı Polat spoke to the Koin Bulletin and commented on Iran’s move as “a step taken before seeing Bitcoin as a reserve asset like gold”. Economy Journalist Erkan Öz, on the other hand, told Koin Bulletin about the subject, “It is at least as important as MicroStrategy holding reserves with Bitcoin or PayPal starting Bitcoin transactions. It may not be reflected on the market in terms of price. The USA can close the Bitcoin, the quantum computer will end the bitcoin, or it is an event that calls the bitcoin trial version, which once again falsifies the predictions of the so-called “experts”. ” He conveyed his comments in the form.

Iran legalized cryptocurrency mining in the country last year and has since issued state licenses to over a thousand different mining companies.


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