Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports

Gold-plated souvenir Bitcoins. (AFP)
Gold-plated souvenir Bitcoins. (AFP)
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Iran: New Crypto Law Requires Selling Bitcoin Directly to Central Bank to Fund Imports

Gold-plated souvenir Bitcoins. (AFP)
Gold-plated souvenir Bitcoins. (AFP)

Iran has resorted to a new crypto currency regulation that required licensing bitcoin miners to sell their coins directly to the Central Bank for use to fund imports.

Reports published by bitcoins.com said the Iranian government has amended its crypto currency regulation to enable the country’s central bank to fund imports with bitcoin legally mined in the country.

Also, the IRNA news agency reported that the government has introduced those regulations in order to allow crypto miners to redirect their coins to the country’s finance mechanism for international trades.

“The Ministry of Energy is tasked with defining a ceiling for output of authorized crypto units subject to the energy consumed by each unit. Miners’ output should not exceed the ceiling,” the news agency wrote, adding that the central bank will soon announce details of the new law.

Meanwhile, the Mehr news agency quoted Mostafa Rajabi Mashhadi, deputy head of Iran’s Power Generation, Distribution, and Transmission Company (Tavanir) and the spokesperson for the power industry, as saying: “These crypto currencies can be exchanged according to the regulations set by the central bank.”

Presstv, an Iranian state-owned news network, said that miners are supposed to supply the original crypto currency directly and within the authorized limit to the channels introduced by the central bank.

“The legal cap for the amount of crypto currency for each miner would be determined by the level of the subsidized energy used for mining and based on instructions published by the Ministry of the Energy,” it said.

Crypto currency analyst Alireza Shamkhi told ISNA news agency that the new law is vague and ambiguous.

He said it does not state how the central bank will price crypto currencies or the exchange rate between dollars and rials.

Previously, miners could exchange their crypto currencies for dollars, rials or other currencies at market prices.

“The requirement for miners to report their output to the central bank is not seen in other industries, concluding that the new law will likely reduce the industry’s attractiveness and significantly lower miners’ profit margin,” said Shamkhi.

Iran has issued over 1,000 licenses to crypto miners, including one to the Turkish bitcoin mining giant Iminer.



Bullets Purchase from Israel Rattles Spain’s Leftist Coalition

 Spanish Prime Minister Pedro Sanchez leaves after a press conference after a cabinet meeting held at Moncloa Palace in Madrid, Spain, 22 April 2025. (EPA)
Spanish Prime Minister Pedro Sanchez leaves after a press conference after a cabinet meeting held at Moncloa Palace in Madrid, Spain, 22 April 2025. (EPA)
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Bullets Purchase from Israel Rattles Spain’s Leftist Coalition

 Spanish Prime Minister Pedro Sanchez leaves after a press conference after a cabinet meeting held at Moncloa Palace in Madrid, Spain, 22 April 2025. (EPA)
Spanish Prime Minister Pedro Sanchez leaves after a press conference after a cabinet meeting held at Moncloa Palace in Madrid, Spain, 22 April 2025. (EPA)

A decision by Spain's Socialist government to backtrack on a promise to cancel a contract to buy bullets from an Israeli firm drew a rebuke on Wednesday from its junior coalition partners, with some allies threatening to withdraw support.

Prime Minister Pedro Sanchez's minority government has struggled to pass legislation since securing a new term by cobbling together an alliance of left-wing and regional separatist parties in 2023.

On Tuesday, Sanchez angered far-left junior partner Sumar after unveiling a plan to boost defense spending.

Spain, a long-time critic of Israel's policies in the Palestinian territories, pledged in October 2023 to stop selling weapons to Israel over its war with Hamas in Gaza and last year widened that commitment to include weapons purchases.

Sumar, a platform of left-wing parties that controls five ministries led by deputy premier Yolanda Diaz, said on Wednesday the ammunition purchase was "a flagrant violation" of the agreement it had made with the Socialists to form a coalition.

"We demand the immediate rectification of this contract," it said in a statement.

The Interior Ministry said last October it was canceling a contract worth 6.6 million euros ($7.53 million) to buy more than 15 million 9-mm rounds from Guardian LTD Israel.

On Wednesday it said it been advised by the state attorney that breaking the contract would have meant paying the full amount without receiving the shipment.

Guardian LTD Israel did not immediately comment on the decision.

Izquierda Unida (United Left) lawmaker Enrique Santiago, whose party is part of Sumar, suggested there were legal grounds to cancel the contract without paying but that even "a breach of contract of only about six million (euros) will be applauded by the whole country".

Asked if IU could abandon the coalition government, he told reporters: "We are currently considering all scenarios."

Before the news of the ammunition contract broke, Diaz had said her group disagreed with the increase in defense spending, particularly a plan to procure more weapons, but that the coalition was in good health and would see out the legislative term ending in 2027.