Iran Extends Authorization for Use of Cryptocurrencies to Pay for Imports
Iran is allowing banks and other licensed parties to use cryptocurrencies to pay for imports in a bid to avoid international financial controls and global sanctions, the Hong Kong Trade Development Council reported May 11. The country previously allowed only…
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its central bank to pay for imports by using cryptocurrencies, but that authorization was recently extended to “selected financial institutions,” the report said. Iran is also drafting a bill to provide “regulatory clarity” on crypto-related activities.