Iran to reportedly allow cryptocurreny payments for international trade

The Iranian government is reportedly preparing a mechanism to enable the use of cryptocurrencies in international trade.

Iran to reportedly allow cryptocurreny payments for international trade

The Central Bank of Iran, or CBI, and the ministry of Trade has agreed to connect the CBI's payment platform to a trading system allowing businesses to settle payments using cryptocurrencies, the Mehr News Agency announced Monday.

Alireza Payman Pak, Iran's deputy minister of Industry, Mine and Trade and head of Iran's Trade Promotion Organization. Or TPO said that the new payment mechanism is expected to be finalized "within the next two weeks."

"We are finalizing mechanism for operations of the system. This should provide new opportunities for importers and exporters to use cryptocurrencies in their international deals," Peyman Pak reportedly said.

He added that the government shouldn't be ignoring the economic and business changes of the crypto business, referring to major private cryptocurrencies like Bitcoin(BTC)

The Iran government is reportedly preparing a mechanism to enable the use of cryptocurrencies in international trade.

“All economic actors can use these cryptocurrencies. The trader takes the ruble, the rupee, the dollar, or the euro, which he can use to obtain cryptocurrencies like Bitcoin, which is a form of credit, and can pass it on to the seller or importer. [...] Since the cryptocurrency market is done on credit, our economic actors can easily use it and use it wisely.”

The crypto business has been associated with some extent of uncertainty as Iran's major blockchain association organization expressed worries about the enforcement of crypto regulations in late 2021. The Iran government has also been regularly turning off the electricity to local Bitcoin miners, citing temperature extremes. 


Read: Iran’s Ministry of Industry issues 30 licenses to crypto mining farms

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