Iran to Permit Use of Cryptocurrencies in International Settlements, Reports Reveal

Strike reaches Argentina with usdt support, no bitcoin integration yet. According to local media, central bank and government officials have given the green light to adopt a mechanism using digital currencies in the field of external trade.

businesses in iran to be able to pay foreign partners with crypto

iranian companies will be allowed to use cryptocurrencies in settlements with partners in other countries, local media reported. an agreement to that end has been reached by the central bank of iran (cbi) and the ministry of industries, mining and trade. An agreement to this end has been reached between the Central Bank of Iran (CBI) and the Ministry of Industries, Mines and Commerce.

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.

According to the iranian press agency ibena, pak, deputy minister of trade and commerce, taken on social media to provide details on the first meeting of a joint foreign exchange working group between his department and the cbi. Participants endorsed a number of measures to facilitate Iran's external trade, including the adoption of the cryptography mechanism.

A monitoring report cites the same official as saying that the trade ministry will produce a plan within two weeks for the use of locally mined cryptocurrencies and coins acquired by private companies to pay for the import of goods. The initial proposal is from the Iranian central bank.

Pak stressed that cryptocurrency and blockchain systems have many practical applications and that if Iran ignores them, it will lose business opportunities. "In some of our target markets, particularly in countries like Iraq, Afghanistan or Pakistan, there can be restrictions on the use of cryptocurrencies.

besides 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 exchangers to use locally minted digital coins to pay for imports to the sanctioned nation. In April, Iran's central bank (cbi) allowed domestic banks and currency exchangers to use locally minted digital coins to pay for imports to the sanctioned nation.

cryptocurrencies have enjoyed a growing popularity in the islamic republic, with up to 12 million iranians holding one coin or another, according to a recent estimate. some officials have opposed restrictive policies, insisting these could push innovations underground. limitations will deprive the nation of opportunities, iranian fintechs warned in may, pointing out that local companies have managed to bypass the economic blockade with crypto transactions.

Tags within that story. Tags in this blockchain storychain, businesses, cbi, central bank of iranian, companies, crypto, crypto payments, cryptocurrencies, cryptocurrency, foreign trade, international settlements, iran, iranian, iranians, mechanism, payments, settlements, trade, do you expect iranian companies to increase the use of cryptocurrencies in external trade?

lubomir tassev

lubomir tassev is a journalist from tech-savvy eastern europe who likes hitchens’s quote: “being a writer is what i am, rather than what i do.” Let us know under the comments section below.

Lubomir Tassev Lubomir Tassev is a tech-savvy Eastern European reporter who loves the quote from Hitchens: "Being a writer is what I am, rather than what I do."