Kish Island Hoteliers’ Society says it will unveil cryptocurrency ATMs allowing foreign travelers to exchange their cryptocurrency into rials.
“We have been holding talks with the Central Bank of Iran and crypto exchanges…ATM devices have been delivered to us and will be installed across the Kish Island Free Trade Zone after regulatory issues addressed,” Mehrdad Tavalti, the head of the society was quoted as saying by Way2pay.ir.
The service will be exclusive to foreign nationals using their passports. Iranians and dual nationalities cannot use the machines “because of money laundering concerns”, he added.
As per the plan, ATM machines will change four cryptocurrencies, Bitcoin, Ethereum, Tether and Tron into rials instantly.
“The ATMs will also be installed at Kish airport,” Tavalti noted.
“We have been working on measures to ease conditions for foreigners coming to the island, especially during the upcoming FIFA World Cup 2022 in Qatar in December…Restrictions on payments and transferring funds, due to the US sanctions, is a main challenge and cryptocurrencies should be an appropriate solution.”
The picturesque Kish Island off the Persian Gulf is a focal point of Iran’s planned cooperation with Qatar in relation to the World Cup. Kish officials hope to attract coming to the emirate for the games and wanting to visit the tourist attractions.
The project is not merely for the World Cup 2022 and Kish Island. The plan is to expand services to other FTZs and tourist destinations in Iran.
Kish is a 91-square-kilometer resort island in the Persian Gulf, off the southern coast of Iran. It is part of the Bandar Lengeh County in Hormozgan Province. It has been declared the fourth tourist destination in Southwest Asia by the UNESCO Cultural Heritage List.
Owing to its free trade zone status, the island is touted as a consumer's paradise, with numerous malls, tourist attractions and hotels.
Mining virtual currency is legal in Iran and miners are allowed to operate under rules approved by the government in 2019. However, trade in cryptocurrency is banned even though recently the Central Bank of Iran said banks and licensed moneychangers can use the digital currency mined by authorized miners in Iran to pay for imports.
Miners can use excess power output in the Kish free and special economic zones. Power generated in the FTZs cannot be used in the mainland nor be traded.
