This week, Iran made its first formal import request in bitcoin for $10 million worth of products. Alireza Peymanpak made the announcement Tuesday through Twitter.
For more than a year, Iran has considered permitting the use of cryptocurrency to pay for imports. In August of the previous year, the Central Bank of Iran (CBI) stated that banks and licensed currency traders in Iran could accept cryptocurrency created by licensed crypto miners as payment for imports.
In 2019, the Iranian authorities recognized crypto mining as an industry. Vezārate Sannat approved approximately 1,000 permits for bitcoin mining activities in January 2020.
But, Iranian officials have stated that some unauthorized miners are mining cryptocurrencies using domestic electricity, causing serious problems for the country’s power sector.
Licensed cryptocurrency miners were repeatedly told to cease activities to avoid outages.
Officials allegedly collected over 220,000 mining devices and closed down roughly 6,000 unlicensed crypto mining farms around the nation in September of last year.
In April this year, a source associated with Iran’s Tavanir stated that the state’s management would implement new guidelines to strengthen punishment for illicit crypto mining.