With the local rial taking a severe beating as sanctions continue to pressure the country, Iran has approved the use of cryptocurrencies for payments.
The approval however is restricted to cryptocurrencies mined by licensed miners and can only be used for non-rial payments for imports. These are outlined in the new rules issued by the Central Bank of Iran.
In the Islamic world, Iran was one of the first to embrace crypto currencies. This is driven mainly by Iran’s need to circumvent international sanctions which have crippled its economy and essentially cut off its financial system from the rest of the world. The Central Bank is also working on a national digital currency.