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Sunday, August 7, 2022

Iran to Accept Crypto Payments in International Trade: Report

The Iranian government is reportedly trying to unlock opportunities for importers and exporters to use cryptocurrency to conduct international business.

The Central Bank of Iran, or CBI, and the Ministry of Trade has agreed to connect the CBI’s payment platform with a trading system that allows businesses to settle payments using cryptocurrencies, reported Monday.

According to Alireza Peyman-Pak, director of Iran’s Trade Promotion Organization, or TPO, the new payment mechanism is expected to be finalized “within the next two weeks.”

“We are working on a mechanism for operating the system. Peyman-Pak said this should provide new opportunities for importers and exporters to use cryptocurrencies in international transactions.

The government should not ignore the economic and business opportunities of the crypto industry, referring to private cryptocurrencies like Bitcoin (BTC):

It has been reported that the Iranian government is developing a mechanism for enabling cryptocurrencies to be used in international trade.

“These cryptocurrencies can be used by all economic actors. A trader purchases rubles, rupees, dollars, or euros, which he can use to buy cryptocurrencies like Bitcoin, which acts as a form of credit, and passes it on to the seller or importer. Due to the fact that the cryptocurrency market is financed by credit, our economic actors can easily use it and use it widely.”

The crypto industry has been associated with some uncertainty, as Iran’s major blockchain organization expressed concerns about implementing crypto regulations at the end of 2021. Furthermore, the Iranian government regularly cuts off electricity to local Bitcoin miners, citing extreme temperatures.

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