Iran has passed a bill authorizing trade transactions with cryptocurrencies.

Iran has passed a bill authorizing trade transactions with cryptocurrencies, officially approving the use of digital assets for imports. The bill redefines regulations on the authorization to use cryptocurrencies for imports, and the supply of fuel and electricity for mining.

The Central Bank of Iran has also agreed that the imports can be processed in cryptocurrencies. People can now even import cars using digital assets instead of US dollars or euros.

Iran announced that it has completed its first crypto-based order, worth USD 10m, earlier this month. At the time, the country’s Ministry of Industry, Mines and Trade said they would significantly expand the use of cryptocurrencies for import by the end of September. Iran’s crypto moves come as the US announced a new round of sanctions against the country’s oil companies in early July.