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With Widespread Crypto Usage, An Iranian Association Calls For Stable Cryptocurrency Regulation

The head of Iran’s Importers Group and Representatives of Foreign Companies (Imports Association), Alireza Managhebi, expressed his concerns over the nation’s crypto legislation on Saturday, according to local media.

He emphasized that in order for cryptocurrencies to be successfully used as a form of payment for imports, a reliable regulatory framework for them must be put in place. He went on to note that, with the proper legislative framework, cryptocurrency can be helpful in this area.

The main concern, according to him is whether the Iranian government has set definite guidelines for using cryptocurrencies that won’t change for several months, and in the interim enterprises working in this digital space will not be affected.

Managhebi pointed out that the Iranian government recently announced that cryptocurrencies will henceforth be accepted as official payment for imports. He stressed, however, that it is not entirely correct to say that this would immediately end the dollar’s hegemony in Iran because both the dollar and cryptocurrencies have their own markets there.

The first official import order using cryptocurrency was successfully placed, according to Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine and Trade and head of the nation’s Trade Promotion Organization (TPO).

The usage of cryptocurrencies and smart contracts would be pervasive in international trade with target countries by the end of September, he added.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.