HomeCryptoIran to Permit Use of Cryptocurrency in International Settlements

Iran to Permit Use of Cryptocurrency in International Settlements

Iran is soon said to formulate a plan that will allow use of Cryptocurrency in foreign settlements.

The latest development states that Iran-based companies will now be allowed to use cryptocurrency while trading with partners in other countries, local media reported. Reports state that an agreement has been reached by the Central Bank of Iran (CBI) and the Ministry of Industries, Mining and Trade.

The head of the Trade Promotion Organization of Iran, Alireza Peyman Pak said, “We are finalizing a mechanism for operations of the system. This should provide new opportunities for importers and exporters to use cryptos in their international deals”, as reported by Financial Tribune.

As per an Iranian news agency IBENA, Pak, who is also deputy minister of trade, took to social media where he confirmed details about the first meeting of a joint foreign exchange working group between his department and the Central Bank of Iran. Further, the participants in the meeting approved a number of measures to ease up Iran’s foreign trade. This measure also included the adoption of the crypto mechanism for the settlements.

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Reports state that the official also said that the Trade Ministry will produce a plan within two weeks, where locally mined cryptocurrencies and coins acquired by private companies can be used to pay for the import of goods.

“In some of our target markets, especially in countries such as Iraq, Afghanistan or Pakistan, there may be restrictions on using cryptocurrencies, but in our major markets such as Russia, China, India and Southeast Asia, using cryptocurrencies is common”, Pak further said. Pak says that Iran may lose business opportunities if it ignores cryptocurrency and blockchain systems.

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