• Iran will accept cryptocurrency payments for international trade, according to a report

  • According to reports, Iran is looking to open up opportunities for importers and exporters to use cryptocurrency in international transactions.

    The Central Bank of Iran, or CBI, and the Ministry of Trade have agreed to link the CBI’s payment platform to a trade system that will allow businesses to settle payments using cryptocurrencies. 

    The new payment mechanism is expected to be finalized “within the next two weeks,” according to Alireza Peyman-Pak, Iran’s deputy minister of Industry, Mine, and Trade and head of Iran’s Trade Promotion Organization, or TPO.

    “We are finalizing a system operation mechanism.” This should open up new opportunities for importers and exporters to use cryptocurrencies in international transactions, according to Peyman-Pak.

    He went on to say that the government should not ignore the crypto industry’s economic and business opportunities, referring to major private cryptocurrencies such as Bitcoin (BTC):

    According to reports, the Iranian government is working on a mechanism to allow the use of cryptocurrencies in international trade.

    “These cryptocurrencies can be used by all economic actors.” The trader takes the ruble, rupee, dollar, or euro and uses it to obtain cryptocurrencies such as Bitcoin, which is a form of credit, which he then passes on to the seller or importer. […] Because the cryptocurrency market is based on credit, our economic actors can easily and widely use it.”

    As Iran’s major blockchain organization expressed concerns about the implementation of crypto regulations in late 2021, the crypto industry has been associated with some degree of uncertainty. The Iranian government has also been shutting down electricity to local Bitcoin miners on a regular basis, citing temperature extremes.

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