Iran has now finally given a green signal to the use of cryptocurrency for imports into the nation while international trade sanctions are underway.
This approval has come from Iran’s Industry, Mines and Trade Ministry.
Trade Minister Reza Fatemi Amin gave confirmation that these regulations which are quite detailed have been approved and were in sync with the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin and crypto miners in the country.
The regulatory change was mentioned in the automotive industry exhibition which was just a week later when Iran had placed its first-ever import order for vehicles which were nearly amounting to $ 10 million, paid through cryptocurrency as a method of payment.
Binance, the world’s largest exchange by trading volume, has confirmed that it is adding Know Your Customer (KYC) verification. Since launching in 2017, the platform has enabled traders to withdraw up to 2 BTC per day with only email confirmation. Binance recently partnered with blockchain forensic specialists Chainalysis, however, making it clear that a transition to full KYC was likely to follow.
