• Thu. Apr 18th, 2024

Iranian Government Proposes To Utilize Crypto for International Payments

Jan 11, 2022

Iranian Government and the Central Bank of Iran have collectively agreed to the proposal of utilizing cryptocurrencies for the settlement of invoices of international trades.

The Iranian Government has decided to permit local companies to utilize cryptocurrencies for payment settlements with their international partners. In this connection, an agreement too has been arrived at between the Central Bank of Iran (CBI) and the Industry Ministry of Iran. The Head of the Iranian Trade Organization commented that the organization is in the process of introducing a mechanism. The mechanism will allow the local traders and businesses to utilize digital currencies for international payment settlements.

It was later reported in the local press that a joint meeting of Iranian Government Officials and trade organizations was held. During this meeting, the participants discussed how they can collectively facilitate foreign trade deals. One possibility of facilitation was proposed to be the use of cryptocurrencies.

It has been reported further in the press that a comprehensive plan will be submitted by the Iranian Trade Ministry after two weeks. The plan will further provide how the local companies can use locally minted digital currencies against the import of goods.

The proposal of using cryptocurrencies for international payment settlements has been exclusively issued by CBI. The bank had said that there are various beneficial use cases of blockchain technology that have been totally ignored in the country. For availing more business opportunities, Iran is required to immediately start using the technology in its purest form, said CBI.

CBI further noted that Iran’s target market for cryptocurrencies includes countries such as Pakistan, Afghanistan, and Iraq. However, in all three countries, crypto use is restricted, and therefore a lot of work will be required. But in the major market which includes countries such as India, Russia, and China, all of them are fully acquainted with cryptocurrencies. In addition, all three countries have been using cryptocurrencies as well. If discussions are held with these countries, then the chances of using crypto as payment for foreign deals are bright, said CBI.

Crypto and blockchain are very common in Iran. At least 12 million Iranians are owners of digital currencies. Crypto mining is however a legal activity in Iran while crypto regulations are still lacking in the country.

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