Iran to allow crypto payments for international trade: Report

The
Central
Bank
of
Iran,
or
CBI,
and
the
Ministry
of
Trade
have
reached
an
agreement
to
link
the
CBI’s
payment
platform
to
a
trade
system
allowing
businesses
to
settle
payments
using
cryptocurrencies,
the
Mehr
News
Agency

reported

Monday.

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

“We
are
finalizing
a
mechanism
for
operations
of
the
system.
This
should
provide
new
opportunities
for
importers
and
exporters
to
use
cryptocurrencies
in
their
international
deals,”
Peyman-Pak
reportedly
said.

He
added
that
the
government
should
not
be
ignoring
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
enable
the
use
of
cryptocurrencies
in
international
trade.

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



Related:




Too
early
to
talk
about
using
crypto
for
oil
trading,
says
Putin

The
crypto
industry
has
been
associated
with
some
extent
of
uncertainty
as
Iran’s
major
blockchain
organization
expressed

concerns
about
the
enforcement
of
crypto
regulations

in
late
2021.
The
Iranian
government
has
also
been

regularly
turning
off
electricity
to
local
Bitcoin
miners
,

citing
temperature
extremes
.

read original article here