Iran Will Allow Bitcoin Mining For Import Payments

Iran will allow Bitcoin mining for import payments. The Central Bank of Iran (CBI) has announced that it will legally allow these payments.

The Central Bank of Iran (CBI) has announced that it will allow banks, cryptocurrency miners and exchange exchanges to make import payments using cryptocurrencies. According to a report by the Financial Tribune, CBI released a statement concerning banks and licensed exchanges for crypto payments. The government said it will soon enact a draft law to clarify the situation in the country. Due to international trade, when the US greatly affected Iran's gas and electricity trade, Iran began to seek solutions to circumvent the embargoes. Starting from this, Iran dwelled on the advantages of cryptocurrencies. As it will be remembered, Iran made history as the first country to start operating Bitcoin as an exchange tool on October 29, 2020. By January 2021, the government had granted more than 1,000 licenses for crypto mining by offering power plants to miners. Crypto mining in Iran is legal, but every miner is required to obtain a license from the Ministry of Industry, Mining and Trade to work legally. Licensed miners are required to sell the Bitcoin they obtain through channels provided by the asset to the Iranian Central Bank. In the country, mining cryptocurrency was not legal until 2019. After several power outages were reported across the country, local authorities seized the system of multiple graphics cards called "rigs" 45,000 in January this year and accused them of heavy electricity use.       Source: Investing.com