Iran permits cryptocurrencies for use in worldwide settlements, experiences reveal

Authorities in Iran are preparing to allow the use of cryptocurrencies for international settlements. According to local media, central bank and government officials have given the green light to a mechanism that uses digital coins in the field of foreign trade.

Companies in Iran can pay foreign partners with crypto

Iranian companies are allowed to use cryptocurrencies in settlements with partners in other countries, local media reported. A corresponding agreement was reached between the Iranian Central Bank (CBI) and the Ministry of Industry, Mining and Trade. The head of the Iranian trade promotion organization, Alireza Peyman Pak, is quoted by the Financial Tribune as saying:

We are in the process of finalizing a mechanism for operating the system. This should offer importers and exporters new opportunities to use cryptos in their international businesses.

According to the Iranian news agency IBENA, Pak, who is also deputy trade minister, has shared details on social media about the first meeting of a joint foreign exchange working group between his department and the CBI. Participants agreed to a number of measures to facilitate Iran’s foreign trade, including the introduction of the crypto mechanism.

In a follow-up report, the same official is quoted as saying that within two weeks the Department of Commerce will develop a plan for using locally-sourced cryptocurrencies and coins purchased from private companies to pay for imported goods. The first proposal comes from the Central Bank of Iran.

Pak stressed that cryptocurrencies and blockchain systems have many practical uses and 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 the use of cryptocurrencies is common in our main markets such as Russia, China, India and Southeast Asia,” he says elaborated .

Aside from mining, which was legalized in 2019, Iran’s crypto space remains largely unregulated. In April, the Central Bank of Iran (CBI) authorized domestic banks and money changers to use locally minted digital coins to pay for imports into the sanctioned nation. However, the Tehran authorities have been tracking crypto trading and payments in the country.

Cryptocurrencies are enjoying growing popularity in the Islamic Republic, with a current estimate of up to 12 million Iranians owning one or the other coin. Some officials have defied restrictive guidelines, insisting that these innovations could drive innovations underground. Restrictions will take away the nation’s chances, Iranian fintechs warned in May, pointing out that local businesses had managed to bypass the economic blockade with crypto transactions.

Tags in this story

Blockchain, Company, cbi, Central Bank of Iran, Company, Crypto, Crypto Payments, Cryptocurrencies, Cryptocurrency, Foreign Trade, International Settlements, Iran, Iranians, Iranians, Mechanism, Payments, Settlements, Commerce, Ministry of Commerce

Do you expect Iranian companies to expand the use of cryptocurrencies in foreign trade? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who likes Hitchens’ quote: “Being a writer is what I am and not what I do.” In addition to crypto, blockchain and fintech, international politics and economics are two more Sources of inspiration.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

More popular news

In case you missed it


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Microstrategy is shopping for extra Bitcoin and now holds 124,391 BTC Bitcoin

Microstrategy is shopping for extra Bitcoin and now holds 124,391 BTC

Microstrategy, listed on the Nasdaq, has bought more Bitcoin for its corporate coffers. The...

By wpadminsonic164
Oman Invitations Bids From Corporations Thinking about Creating Regulatory Framework for Digital Belongings Bitcoin

Oman Invitations Bids From Corporations Thinking about Creating Regulatory Framework for Digital Belongings

Authorities in the Middle Eastern state of Oman have asked specialized companies, interested in...

By wpadminsonic164
Iran to pilot ‘nationwide cryptocurrency’, think about blockchain expertise for inventory market Bitcoin

Iran to pilot ‘nationwide cryptocurrency’, think about blockchain expertise for inventory market

The Central Bank of Iran plans to launch the pilot phase of its digital...

By wpadminsonic164
Three Straightforward Elements: The right way to Educate Your Grandmother Bitcoin Bitcoin

Three Straightforward Elements: The right way to Educate Your Grandmother Bitcoin

A defining feature of the digital age has been the advent of digital entities...

By wpadminsonic164
Blockstream sponsors the Mempool Bitcoin challenge Bitcoin

Blockstream sponsors the Mempool Bitcoin challenge

Blockstream announced that it is now a sponsor of the open source project Mempool.Mempool...

By wpadminsonic164
German prosecutors fee native financial institution to “clear up” seized cryptocurrencies price 113 million US {dollars} Bitcoin

German prosecutors fee native financial institution to “clear up” seized cryptocurrencies price 113 million US {dollars}

German prosecutors have hired a bank to "clean up" cryptocurrencies that have been confiscated...

By wpadminsonic164
Single-issue bitcoin voter or a single non-political bitcoin pressure Bitcoin

Single-issue bitcoin voter or a single non-political bitcoin pressure

This article is a respectful partial agreement, but more of a disagreement, with Dennis...

By wpadminsonic164
Adidas Originals NFT Compilation enters prime 50 collections by quantity, practically $ 60 million in gross sales in 18 days Bitcoin

Adidas Originals NFT Compilation enters prime 50 collections by quantity, practically $ 60 million in gross sales in 18 days

Less than 20 days ago, German multinational sneaker and sportswear group Adidas launched the...

By wpadminsonic164

Latest Posts

Solana (SOL), Shiba Inu (SHIB), Cardano (ADA), Avalanche (AVAX) & Polygon (MATIC) – What you must find out about these cryptocurrencies – Analytics Perception Cardano

Solana (SOL), Shiba Inu (SHIB), Cardano (ADA), Avalanche (AVAX) & Polygon (MATIC) – What you must find out about these cryptocurrencies – Analytics Perception

Solana (SOL), Shiba Inu (SHIB), Cardano (ADA), Avalanche (AVAX) & Polygon (MATIC) - What...

By wpadminsonic164
Binance CEO Changpeng Zhao reveals the DeFi hack, Cardano adjustments and Foreign exchange alerts Cardano

Binance CEO Changpeng Zhao reveals the DeFi hack, Cardano adjustments and Foreign exchange alerts

Binance CEO Changpeng Zhao made statements about the DeFi attack that occurred during the...

By wpadminsonic164
Find out how to Purchase Spartan Protocol – Techstory Binance

Find out how to Purchase Spartan Protocol – Techstory

If you want to buy Spartan Protocol (SPARTA), you will need either Bitcoin (BTC)...

By wpadminsonic164
Cardano (ADA) supported ‘Djed’ stablecoin guarantees transparency and value stability – CryptoSlate Cardano

Cardano (ADA) supported ‘Djed’ stablecoin guarantees transparency and value stability – CryptoSlate

With the upcoming launch of smart contracts on Cardano, thoughts are turning to its...

By wpadminsonic164
Microstrategy is shopping for extra Bitcoin and now holds 124,391 BTC Bitcoin

Microstrategy is shopping for extra Bitcoin and now holds 124,391 BTC

Microstrategy, listed on the Nasdaq, has bought more Bitcoin for its corporate coffers. The...

By wpadminsonic164
Polkadot v1.0: Sharding and Financial Safety Polkadot

Polkadot v1.0: Sharding and Financial Safety

By Rob Habermeier, Polkadot founderThis post is about the technology powering Polkadot. Polkadot is...

By wpadminsonic164
Stellar

7 Kryptowährungen, die Ihr Geld im Jahr 2022 verdreifachen können – Motley Idiot Deutschland

Trotz Benchmark S&P 500 seine durchschnittliche jährliche Gesamtrendite im Jahr 2021 im Vergleich zu...

By wpadminsonic164
Polkadot

Why Binance Coin, Polkadot, and The Sandbox have been all down immediately – brinkwire

What happened Top cryptocurrencies Binance coin (CRYPTO: BNB), Speckle (CRYPTO: POINT), and The sandpit...

By wpadminsonic164