Report Shows Iran Allows Cryptocurrency in International Settlements – Bitcoin News

Report Shows Iran Allows Cryptocurrency in International Settlements – Bitcoin News



Iranian authorities are preparing to allow the use of cryptocurrencies for international settlements. According to local media reports, central bank and government officials have approved the adoption of a digital currency mechanism in the field of foreign trade.

Businesses in Iran are able to use cryptocurrencies to pay foreign partners

According to local media reports, Iranian companies will be allowed to use cryptocurrencies in settlements with partners in other countries. The Central Bank of Iran has reached an agreement for this (CBI) and the Ministry of Industry, Mines and Trade. The Financial Tribune quoted Alireza Peyman Pak, head of Iran’s trade promotion organization, as saying:

We are finalizing the mechanics of how the system works. This should open up new opportunities for importers and exporters to use cryptocurrencies in their international transactions.

Pak, who is also deputy trade minister, provided details on social media about the first meeting of the joint foreign exchange working group between his ministry and the CBI, according to Iranian news agency IBENA. The participants approved a series of measures to facilitate Iran’s foreign trade, including the adoption of encryption mechanisms.

A follow-up report quoted the same official as saying that within two weeks the trade ministry would develop a plan to use locally mined cryptocurrencies and coins acquired by private companies to pay for the importation of goods. The original proposal came from the Central Bank of Iran.

Pak emphasized that cryptocurrencies and blockchain systems have many practical applications, and if Iran ignores them, it will lose business opportunities. “In some of our target markets, especially in countries such as Iraq, Afghanistan or Pakistan, the use of cryptocurrencies may be restricted, but in our main markets such as Russia, China, India and Southeast Asia, the use of cryptocurrencies is common,” He said elaboration.

Apart from miningLegalized in 2019, Iran’s crypto space remains largely unregulated. In April, the Central Bank of Iran (CBI) Authorize Domestic banks and money changers use locally minted digital coins to pay for imports into sanctioned countries. However, authorities in Tehran have been tracking crypto transactions and payments in the country.

According to a recent report, cryptocurrencies are growing in popularity in the Islamic Republic, with as many as 12 million Iranians holding one coin or the other. estimate. Some officials have be opposed to Restrictive policies, insisting these could push innovation underground.Restrictions will deprive country of opportunities, Iranian fintech firms warn In May, he noted that local companies have managed to circumvent the economic blockade through crypto transactions.

tags in this story

blockchain, enterprise, commercial Bank, Central Bank of Iran, company, cryptocurrency, Crypto payment, cryptocurrency, cryptocurrency, foreign trade, international settlement, Iran, Iranian, Iranian, mechanism, Payment, settlement, trading, Ministry of Trade

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

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.

Image Source: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.


Source link

More to explorer

Understanding Key Factors in Accidents

[ad_1] Pedestrian Safety Statistics Pedestrian safety is an urgent concern worldwide, with over 1.3 million people dying in traffic accidents annually. Pedestrians