It’s illegal to buy or sell cryptocurrency, top banker reminds Iranians.
It is illegal to buy or sell cryptocurrency in Iran, the head of the country’s monetary authority has recently reminded citizens and businesses. The governor noted, however, that mining cryptocurrencies and using them in payments for imports is not against the law in the Islamic Republic.The purchase and sale of cryptocurrencies or using the digital assets for investment purposes is prohibited, the governor of the Central Bank of Iran , Ali Salehabadi, has recently told local media.
Referring to regulations adopted by the bank and other government institutions such as the Ministry of Industry, Mine and Trade two years ago, the CBI chief elaborated that it is legal for Iranian companies to pay for imports with cryptocurrency. He was quoted in a report by the English-language edition of the Iranian Labour News Agency on Friday.Iran’s first import order using cryptocurrency as a payment method.
However, Iranian authorities are not willing to allow crypto payments inside Iran and earlier this year, Deputy Minister of Communications Reza Bagheri Asl dashed any hopes for that. Crypto trading and investing are not tolerated either, and the governmenton local exchanges, allowing only banks and licensed moneychangers to use digital currency mined in Iran to pay for imports.
Since 2019, when the authorities in Tehran recognized mining as a legitimate industrial activity, a number of enterprises have been licensed to mint digital currencies like bitcoin. But the energy-intensive production has been blamed as one of the causes for the growing electricity shortages and blackouts across the country, especially during the hot summers, when consumption spikes due to rising demand for cooling, and the cold winter months, when heating needs increase.
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