Iran's Import Association demands "stable regulations" for the use of cryptocurrencies

Head of Iran’s Importers Group calls for regulations to use cryptocurrencies as the country is officially using crypto to pay for imports.

Head of Iran’s Importers Group and Representatives of Foreign Companies (Import Association) Alireza Managhebi said on Saturday that stable regulations and infrastructure should be prepared to be able to successfully use cryptocurrencies for imports, Tasnim news agency reported.

Stating that the use of cryptocurrencies for imports can be useful if the right structure is created and used, Managhebi said: “Our concern is that this new trend could lead to the creation of rent for a certain group. The question is, has the government developed consistent regulations for the cryptocurrency uses so that they will not change within two months and the businessmen active in this field will not be harmed?”.

Mentioning the beginning of the official use of cryptocurrencies for imports as of late September, the official said the claim that this measure would immediately end the dollar dominance in the Iranian market is not very accurate because the dollar has its own place and cryptocurrencies also have their own place in the market. “It is necessary to train people for using this new technology in the country and have stable laws in this regard,” the official added.

Earlier this month, Iran’s Deputy Minister of Industry, Mine & Trade Alireza Peyman-Pak officially announced on a Twitter post that the Islamic republic completed the first official import order registration with cryptocurrency worth 10 million dollars . “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” he said.