Submit Blog Home » Cryptocurrency News » Cryptocurrency News » Iran Amends Law to Allow Imports to Be Funded With Cryptocurrency Iran Amends Law to Allow Imports to Be Funded With Cryptocurrency October 29, 2020
Oct 29, 2020 at 13:52 UTC
Tehran, Iran (vanchai tan/Shutterstock)
Strapped for international currencies, Iran is turning to cryptocurrency to allow imports to continue to flow.Citing an article from The Islamic Republic News Agency (IRNA), Iran Daily reported earlier this week that the country’s cabinet has amended recent legislation on digital assets to allow cryptocurrency to be included in the Central Bank of Iran’s (CBI) import funding mechanisms.The amendment had been jointly proposed by the CBI and the cabinet previously.The change means legally mined cryptocurrency in Iran can only be exchanged if used to fund imports from other nations.Miners will supply the cryptocurrency directly to the CBI within an authorized limit, per IRNA’s report.This would be based on how much subsidized energy a miner uses, as well as instructions to be published by the Ministry of Energy.Cryptocurrency has become increasingly important in Iran as the nation suffers from economic woes brought by U.S.sanctions and the coronavirus pandemic.
Mining was legalized last year, however the industry is heavily regulated by the government making it a tough jurisdiction in which to operatate.Iran Daily suggested that using bitcoin for import payments could help the nation avoid sanctions that impose limits on Iran’s access to the dollar.Share this: Privacy Coin Beam Conducts First Hard Fork Away From ASICs news At 19:00 UTC today privacy coin beam completed its first scheduled hard fork at block 321,321.Launching on bitcoin’s tenth birthday in January this year, beam is one of the first two implementations of the Mimblewimble privacy protocol.
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