Iran allows crypto payments for international trade: report

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The Central Bank of Iran, or CBI, and the Ministry of Commerce have reached an agreement to link the CBI’s payment platform to a trading system for businesses to settle payments using cryptocurrencies, the report reported on Monday. news agency Mehr.

Alireza Peyman-Pak, Iran’s deputy minister of industry, mines and trade and head of Iran’s Trade Promotion Organization, or TPO, said the new payment mechanism is expected to be finalized “in the next two weeks”.

“We are in the process of finalizing a mechanism for system operations. This should provide new opportunities for importers and exporters to use cryptocurrencies in their international transactions,” Peyman-Pak reportedly said.

He added that the government should not ignore the economic and business opportunities in the crypto industry, referring to major private cryptocurrencies like Bitcoin (BTC):

The Iranian government is said to be preparing a mechanism to allow the use of cryptocurrencies in international trade.

“All economic actors can use these cryptocurrencies. The trader takes Ruble, Rupee, Dollar or Euro, which he can use to get 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 widely.

The CBI did not immediately respond to Cointelegraph’s request for comment. This article will be updated pending new information.

Related: Too early to talk about using crypto for oil trading, says Putin

The crypto industry has been associated with some uncertainty as Iran’s leading blockchain organization has raised concerns about the enforcement of crypto regulations at the end of 2021. The Iranian government has also regularly cut the electricity to local Bitcoin miners, citing extreme temperatures.

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