Iranian Government Plans Crypto for Foreign Trade, Association Seeks Definite Crypto Laws

Iranian Government Plans Crypto for Foreign Trade, Association Seeks Definite Crypto Laws

August 23, 2022 0 By Jeanine Sanchez

The association of importers in Iran has laid emphasis on the need to have a well-defined framework to regulate cryptocurrencies in the country. This became necessary with the development that the government is beginning to use cryptocurrencies for import settlement.

The Coming Wave in Iran

An official of the Iranian government said that cryptocurrencies and smart contracts are going to be used widely in foreign trade by September. He said there is a list of countries that are ready for it.

The Chairman of the Importers Association of Iran, Alireza Managhebi, stated the association’s concerns over crypto regulations in Iran. Local media reported him saying that there has to be a stable regulatory framework in place for cryptocurrencies. He said it is necessary so that cryptocurrencies can be reliably used as a means of import settlements.

He noted that crypto can be useful in such circumstances with the proper regulations in place. Managhebi stated that the import association’s major concern is that the new way of settlement should not be exploited by certain elements.

The Necessity of Clear Regulations

He said further that the main question at hand is if the government of Iran has set definite rules for using cryptocurrencies. It is important for it to remain steady and not change in many months. And while that is up, businesses that are tied to the digital sector will have no cause for alarm.

Managhebi pointed out that the government of the country made an announcement recently about the official usage of cryptocurrencies to settle import businesses. He, however, made it clear that claims that the development would put an end to the dominance of the US Dollar are not accurate. Managhebi made the assertion on the ground that both cryptocurrencies and the US Dollar have their distinctive places in the market.

The import association’s top officer said that it is very necessary to adequately train and educate people on how to use cryptocurrencies. It is equally highly necessary to have decisive and stable laws guiding the use of digital assets.

The Iranian Deputy Minister of Industry, Alireza Peymanpak, said earlier in August that the first official crypto-based import was successfully carried out. He assured the country that smart contracts and cryptocurrencies will be used across the board for foreign trade.