Crypto adoption keeps evolving even during bear market.
Cryptocurrency has made tremendous progress in its worldwide visibility as the Iranians have accepted cryptocurrency for their imports.
Iran’s industry and trade ministry has approved the use of cryptocurrency for imports into their nation
Iran trade minister, Reza Fatemi, confirmed this in a report by Iran local news that the detailed regulations have been approved outlining the use of cryptocurrency for trade.
Apart from the acceptance of cryptocurrency for their imports, Iran will also supply fuel and electricity to Bitcoin(BTC) and crypto miners in the country.
Minister Reza stressed that the country changed its regulations at an automotive exhibition on Sunday, August 28, 2022, a week after the country places its first-ever import rate for vehicles to the tune of $10 million, using the cryptocurrency payment method.
This crypto adoption will allow local businesses to be able to import vehicles into Iran and other different imported goods using cryptocurrencies instead of the united states dollar or Euro Payment.
How will this affect the Iran economy?
Before the crypto adoption, Iran has been out global banking system due to her opposition to nuclear program.
One notable advantage of the adoption will aid inclusion of Iran in the global banking system which will impact the economy due to availability of different products to the citizens.
Apart from the direct economic impact, Iran will be among the leading country to support cryptocurrency.
This will make Iran a possible hub for crypto projects and startups.
Iran and blockchain technology
Right from time, Iran has been supporting cryptocurrency via various forms.
one of it is the granting of license to 30 crypto mining centers in June 2021. Not only that, more than 2,500 permits were approved.
The Iranian trade ministry indicated that the use of cryptocurrencies and smart contracts would be widely used by September 2022.
Specifically, the widely usage of cryptocurrencies will be in foreign trade.
The crypto adoption for imports might be the least of what should be expected from Iran.
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