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Iran Allowing Cryptocurrency for International Trade Payments

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Iran is reportedly looking to open up opportunities for importers and exporters to use cryptocurrencies in international transactions.

The Central Bank of Iran (CBI) and the Ministry of Commerce have reached an agreement to link CBI's payment platform with a commercial system that allows businesses to pay with cryptocurrencies, Mehr News Agency news on Monday.

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Alireza Peyman-Pak, Deputy Minister of Industry, Mines and Trade of Iran and head of the Iran Trade Promotion Organization (TPO), said the new payment mechanism is expected to be finalized. “within the next two weeks.”

“We are perfecting the system operation mechanism. This will provide an opportunity for importers and exporters to use cryptocurrencies in their international transactions.” Peyman-Pak said.

He added that the government should not ignore the economic opportunities of the crypto industry.

“All economic sectors can use these cryptocurrencies. Traders take rubles, rupees, dollars or euros in exchange for cryptocurrencies like Bitcoin, which is a form of credit, and then pass it on to the seller or importer. [...] Since the cryptocurrency market is made on credit, it is easy for economic sectors to use it widely. ”

Government of Iran regularly stop providing electricity to local Bitcoin minersfor the reason that the temperature is too high.

Iran Orders Crypto Mining Stop To Prevent Power Outages

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