Crypto Trading and Investing are Illegal in Iran, Central Bank Governor Reiterates

It is illegal to buy or sell cryptocurrency in Iran, the head of the country's monetary authority has recently reminded citizens and businesses. The governor noted, however, that mining cryptocurrencies and using them in payments for imports is not against the law in the Islamic Republic.

The purchase and sale of cryptocurrencies or using the digital assets for investment purposes is prohibited, the governor of the Central Bank of Iran (CBI), Ali Salehabadi, has recently told local media. At the same time, authorized persons and entities can legally mine crypto that can be employed for international settlements, the official pointed out.

Referring to regulations adopted by the bank and other government institutions such as the Ministry of Industry, Mine and Trade two years ago, the CBI chief elaborated that it is legal for Iranian companies to pay for imports with cryptocurrency. 

Deputy Minister of Trade Alireza Peymanpak announced Iran's first import order using cryptocurrency as a payment method. The government representative, who also leads the nation's Trade Promotion Organization, revealed that the Islamic Republic bought $10 million worth of goods using digital coins.

However, Iranian authorities are not willing to allow crypto payments inside Iran and earlier this year, Deputy Minister of Communications Reza Bagheri Asl dashed any hopes for that. Crypto trading and investing are not tolerated either, and the government cracked down on local exchanges, allowing only banks and licensed moneychangers to use digital currency mined in Iran to pay for imports.