The President of Iran has approved regulations for trading, mining, and paying for imports with bitcoin and other crypto. This is good news for Iranians since Iran and Russia have engaged closer in recent months to
reduce the reliance on the US dollar for bilateral trade. The Iranian government tried to ban bitcoin a few years ago due to the thousands of crypto-mining facilities in Iran.
After Iran was banned from the swift network, the government amended the law after recognizing the increasing benefits of a censorship-resistant network like bitcoin. The Minister for trade said the regulation specifies all issues related to cryptocurrencies; it is expected that Iran will start using intelligent contracts more for its foreign exchange to escape sanction-related restrictions; it will also include how to provide fuel and energy for mining and how to grant licenses.
The President of Iran also said imports into the country should only be done with bitcoin and another cryptocurrency, as the government plans to import cars into Iran by paying in bitcoin and doing trade with countries using smart contracts.
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