The law allowing the use of cryptocurrencies for funding imports was amended in 2020
Iran placed its first import order worth $10 million to be paid in cryptocurrencies after two years of the amendment that allowed locally-mined cryptocurrencies to fund imports and purchases. The digital assets legislation was amended in 2020 to tackle the sanctions that led Iran to be strapped of foreign exchange.
The government seeks to use cryptocurrencies and smart contracts ‘widespread in foreign trade with target countries’ by the end of September. Crypto mining was legalized in the country in 2019 and remains a strictly regulated sector to date. The sector also faced multiple crackdowns from the government over energy use last year.