Iran to allow crypto payments for international trade: report

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 that allows businesses to settle payments using cryptocurrencies, The Mehr news agency reported on Monday.

Alireza Peyman-Pak, Iranian deputy minister of Industry, Mines and Trade and head of the Iranian Trade Promotion Organization, or TPO, said the new payment mechanism is expected to be finalized “within the next two years. weeks ”.

“We are in the process of finalizing a mechanism for operating the system. 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 of the crypto industry, referring to major private cryptocurrencies like Bitcoin (BTC):

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

“All economic actors can use these cryptocurrencies. The trader takes the ruble, rupee, dollar, or 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 on credit, our economic players 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 further information.

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The crypto industry has been associated with some uncertainty as Iran’s main blockchain organization has expressed 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.