Iran plans to allow crypto payments for foreign trade

The Central Bank of Iran and the Ministry of Trade have signed a deal to allow enterprises to process payments using crypto.
The Central Bank of Iran and the Ministry of Trade have signed a deal to allow enterprises to process payments using crypto.

According to a report by Mehr News Agency, the Central Bank of Iran (CBI) and the Ministry of Trade have signed a deal to link the CBI’s payment platform to a trading system that will allow enterprises to process payments using crypto.

The new payment system is likely to be finished “within the next two weeks,” informed Iran’s deputy minister of industry, mine, and trade and head of Iran’s Trade Promotion Organization (TPO), Alireza Peyman-Pak.

“We are finalizing a mechanism for operations of the system,” Peyman-Pak says. He further added that the new system should open up new potential for importers and exporters to use cryptocurrency in international transactions.

Peyman-Pak went on to say that the administration should not overlook the crypto industry’s economic and business possibilities, pointing to prominent private cryptocurrencies like Bitcoin (BTC).

Iran is optimistic about the new system

Iran is reportedly working on a system to allow the use of cryptocurrencies in external markets. Peyman-Pak expressed optimism by adding, “All economic actors can use these cryptocurrencies. The trader takes the ruble, the rupee, the dollar, or the euro, which he can use to obtain cryptocurrencies like Bitcoin, which is a form of credit, and can pass it on to the seller or importer. Since the cryptocurrency market is done on credit, our economic actors can easily use it and use it widely.

The crypto industry has been associated with considerable uncertainty, with Iran’s leading blockchain group expressing concerns about crypto legislation being enforced in late 2021. As TheCoinRise reported, the Iranian authorities have also started shutting down electricity to local Bitcoin miners on a regular basis, citing high temperatures as a reason.

Iran has become a major crypto mining hub in the past years. Despite regulatory uncertainty, the country has more than 12 million crypto users, however, with a preference for local exchanges.