Iranian Association Calls for Stable Crypto Regulation as Government Plans Widespread Use of Crypto in Foreign Trade

Bitcoin News

Iran’s association of importers has stressed the need for a stable regulatory framework for cryptocurrencies now that the Iranian government is officially using crypto to pay for imports. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” a government official said.

Imports Association: Iran Needs Stable Crypto Regulation

Alireza Managhebi, the chairman of Iran’s Importers Group and Representatives of Foreign Companies (Imports Association), voiced concerns about the country’s crypto regulation Saturday, local media reported.

He stressed that a stable regulatory framework for cryptocurrencies should be established for cryptocurrencies to be successfully used as a means of payment for imports. Noting that crypto can be useful in this regard under the right regulatory infrastructure, Managhebi said:

Our main and most important concern is that this new method cannot be exploited by some people.

“The main question is whether the Iranian government has provided fixed rules for the use of cryptocurrencies that will not change for several months, and in the meantime businesses active in this digital field will not be harmed,” he detailed.

Managhebi noted that the government of Iran recently announced the official use of cryptocurrency to pay for imports. However, he clarified that the claim that this would immediately end the dollar dominance in Iran is not very accurate because both the dollar and cryptocurrency have their own places in the Iranian market.

The association official opined:

It is absolutely necessary to educate and train people to use this new technology in Iran as well as have stable regulations in this regard.

Earlier this month, Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine and Trade and president of the country’s Trade Promotion Organization (TPO), said the first official import order was successfully placed with cryptocurrency. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” he added.

Tags in this story

What do you think about Iran using cryptocurrencies to pay for imports? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons, lev radin

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

ETH Derivates Volume Have Flatlined Despite Spot Ethereum ETFs Approval, What’s Going On?
Ripple CEO Criticizes Political Divide On Crypto: ‘Republicans Playing Chess, Democrats Checkers’
Bitwise CIO Bullish On Ethereum ETFs Fueling Surge To Record Highs Above $5,000
Crypto Analyst Says Ethereum Price Is Headed To $4,000, Here’s Why
Why Is The Ethereum Price Up Today?