Business And Markets
0

Iran: Call for Crypto Use to Pay for Imports

Iran: Call for Crypto Use to Pay for Imports
Iran: Call for Crypto Use to Pay for Imports

Cryptocurrency could be used to import electronic devices, says Shahab Javanmardi, a member of the Iran Chamber of Commerce Industries Mining and Agriculture, noting that a change in government approach is necessary for such deals. 
"Repatriating revenue from exporting gas and electricity is not possible under the present [US sanctions]. The government can promote use of excess electricity  output or power generated by small-scale plants to   mine cryptocurrencies and make up for the locked  resources," Eximnews quoted him as saying.
He proposed creating a central market, like the secondary forex market, through which cryptocurrency would be sold to local companies wanting to import machinery and goods. 
Javanmardi, who is CEO of FANAP Company, a well-known provider of financial solutions, believes that the money raised from selling cryptocurrencies could be used for importing electronics. 

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com