Author: Dr. Angelika Hellweger 1 September 2022
Iran has passed a regulatory framework for cryptocurrencies. The framework includes issues such as how to supply fuel and energy for cryptocurrency mining and how to grant licences.
The announcement comes after Iran’s Trade Development Organisation (TPO) registered its first-ever official import order, worth $10 million, for importing cars using cryptocurrency. It will now allow payment in digital assets for the importing of any goods into Iran; where cryptocurrency has a long history.
Exchanging value through cryptocurrency will help Iran navigate its way around the traditional banking system and the difficulties it has had dealing with currencies such as the US dollar and the euro, as it has been a US-sanctioned country since 1979.
Angelika is a specialist in international, high-level economic crime investigations and large-scale commercial disputes. She has widely-recognised expertise in representing corporates and conglomerates in Europe, the Middle East, Africa and United States.