Crypto Currency News

Iran authorizes the use of cryptocurrencies in international payments

Senior official argues that cryptocurrencies have many practical applications and that if Iran ignores it, it will lose business opportunities.

The Central Bank of Iran (CBI) and the Ministry of Industry, Mining and Commerce reached an agreement that will allow Iranian companies to use cryptocurrencies in payments to their partners in other countries.

Alireza Peyman Pak, head of the Iran Trade Promotion Organization, announced that they are “finalizing a mechanism for the operation of the system that should provide new opportunities for importers and exporters to use cryptocurrencies in their international agreements.”

Pak, who is also an Iranian deputy minister of commerce, used social media to provide details on the first meeting of a joint currency working group between his department and the CBI. Participants approved a series of measures to facilitate Iran’s foreign trade, including the adoption of this new “crypto mechanism.”

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In this way, the Ministry of Commerce will produce a plan within two weeks for the use of locally mined cryptocurrencies and currencies acquired by private companies to pay for the import of goods. The initial proposal comes from the Central Bank of Iran.

Pak underlined that cryptocurrencies and blockchain systems have many practical applications and that if Iran ignores them, it will lose business opportunities:  “In some of our target markets, especially in countries like Iraq, Afghanistan or Pakistan, there may be restrictions on the use of cryptocurrencies, but in our main markets like Russia, China, India and Southeast Asia, its use of is common.”

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Aside from mining, which was legalized in 2019, Iran’s crypto ecosystem remains largely unregulated. In April, the Central Bank of Iran (CBI) authorized national banks and moneychangers to use locally minted digital currencies to pay for imports to the sanctioned nation. However, authorities in Tehran have persecuted cryptocurrency trading and payments in the country.

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