Iran permits cryptocurrencies for use in worldwide settlements, experiences reveal

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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.

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