Iran Allows Crypto In International Settlements

The official authorities of Iran, which has been under sanctions for more than 40 years, are preparing to allow the use of cryptocurrencies for international settlements. According to local media, the country’s main financial regulator has given the green light to implement a mechanism for using digital coins in foreign trade.

Iran will allow the use of cryptocurrency in international settlements.

Enterprises in Iran will be able to use crypto for payments with foreign partners.

It means Iranian companies will now be able to conduct international payments using digital currencies officially. To implement this initiative, the Central Bank of Iran (CBI) and the Ministry of Industry, Mining, and Trade reached an agreement. Financial Tribune quoted Head of Iran Trade Promotion Organization (TPO) Alireza Peyman-Pak:

«We are finalizing a mechanism for operations of the system. This should provide new opportunities for importers and exporters to use cryptos in their international deals».

Pak stated that the digital economy has many practical applications:

«In some of our target markets, especially in countries such as Iraq, Afghanistan or Pakistan, there may be restrictions on using cryptocurrencies, but in our major markets such as Russia, China, India and Southeast Asia, using cryptocurrencies is common», — he said.

Recall that Iran legalized the mining of cryptocurrencies in 2019, but other sectors of the country’s crypto space remained unregulated. In April, the Central Bank of Iran (CBI) allowed local banks and currency exchange offices to use locally minted digital coins to pay for imports into the sanctioned country. However, Tehran authorities have pursued cryptocurrency trading and payments in the country.