Iran now lets banks and exchanges pay import duty with cryptocurrency

While many countries are just looking for ways to restrict the use of crypto, some are promoting it. Iran is one such country that recently allowed the use of cryptocurrency to pay import duties. The Iranian central bank gave licensed crypto miners in the country the opportunity to pay for their imports with their crypto holdings. Iran is also working on laws to ensure proper regulation of cryptocurrencies in the country.

Pay import duty with cryptocurrency.

Iran’s central bank is making it easier than ever to use crypto in the country. It is really encouraging on the part of the government to enable the use of crypto in a fully official environment. But yeah, it’s not for everyone. As I said, only licensed miners and lenders can use crypto as a payment option. This also makes Iran one of the most advanced countries to use Bitcoin.

Last year they gave the central bank the option to pay for imports with BTC that were mined by licensed crypto miners in the country. These miners had the opportunity to sell their coins directly to the central bank. And that makes the process of mining and selling official. The country has also issued more than 100o licenses to miners. From power plants to companies, anyone with a permit can mine crypto in Iran. On the other hand, if someone or a company does not have a permit or license, mining is illegal. The country has also ceased over 1,600 illegal mining operations in the country.

The new laws that Iran is formulating are likely to be a big deal for the crypto in the country. And it could also be a signal to other countries to join the technology. Ultimately, the countries that first realize it is the future will stay ahead in the race for finances.

BTC is back in business!

Bitcoin price fell to a low of around $ 48,000 when Joe Biden announced the new tax proposal. But from then on it has bounced back and appears to be moving strongly towards a new high. It appears that the cycle is repeating itself and Bitcoin hit another low at the end of the month, switching back to a new ATH. There is strong resistance at $ 55,000 and $ 58,000, and if those price points are exceeded we could see resistance at $ 60,000 which is likely to fall back. Any rise above that level will certainly push the price down to a new ATH.

What do you think of the price of Bitcoin and how it is being introduced in different countries? And do you think that such laws could also apply in the USA and India? Let us know in the comments below. If you found our content informative, like it and share it with your friends.

Also read: NFL player Sean Culkin converts 100% salary into Bitcoin



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