- The Ministry of Industry for Iran has introduced a crypto regulation.
- Iran registered its first import using crypto as payment on August 9.
- BTC miners are also taking advantage of Iran’s cheap electricity.
The administration of Iran has recently passed an act that introduces regulations on trade transactions with cryptocurrencies, according to Reza Fatemi Amin, minister of industry, mines, and trade.
In an interview on Sunday after an automotive industry exhibition in Tehran, Amin shared that the comprehensive and detailed law put in place by the administration defines regulations on cryptocurrencies, the supply of fuel and electricity for mining, and the authorization of cryptocurrency use.
The minister added that imports from abroad can now be processed using cryptocurrencies under an agreement between the Ministry of Industry and the Central Bank of Iran and that local business people can now import cars using cryptocurrencies instead of the U.S. dollar or euro.
The development comes after the head of Iran’s Trade Promotion Organization (TPO) said on August 9 that the country had registered the first import order using cryptocurrency as payment. It is reported that the import order was worth around $10 million, according to deputy trade minister Alireza Peymanpak.
Iran has also attracted Bitcoin (BTC) and other cryptocurrency miners in the past few years. This is mainly because Iran provides low-cost energy, which is one of the biggest costs to take into consideration when starting cryptocurrency mining. According to officials, every Bitcoin mining machine consumes the equivalent of 24 dwellings.
In related news, the price of Bitcoin (BTC) has risen by just over 3% at the time of writing according to CoinMarketCap. This positive price movement for BTC has been unable to flip the negative weekly performance of Bitcoin, with its price still 2.84% down for the week.