Iran is reportedly looking to open up opportunities for importers and exporters to use cryptocurrencies in international transactions.
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The Central Bank of Iran, or CBI, and the Ministry of Commerce have reached an agreement to link CBI’s payment platform with a commercial system that allows businesses to pay with cryptocurrencies, the Mehr News Agency reported today. Monday.
Alireza Peyman-Pak, Iran’s Deputy Minister of Industry, Mines and Trade and head of the Iran Trade Promotion Organization, or TPO, said the new payment mechanism is expected to be finalized “within the coming days,” said Alireza Peyman-Pak. next two weeks”.
“We are perfecting the system operation mechanism. This will provide new opportunities for importers and exporters to use cryptocurrencies in their international transactions,” said Peyman-Pak.
He added that the government should not ignore the economic and business opportunities of the crypto industry, referring to major private cryptocurrencies such as Bitcoin (BTC):
The Iranian government is said to be preparing a mechanism to allow the use of cryptocurrencies in international trade.
“All economic sectors can use these cryptocurrencies. The trader takes rubles, rupees, dollars or euros, which he can use to get cryptocurrencies like Bitcoin, which is a form of credit and can pass it on to the seller or home import. […] Since the cryptocurrency market is made on credit, our economic components can easily use it and use it widely.”
The CBI did not immediately respond to Cointelegraph’s request for comment. This article will be updated with new information pending.
Related: It’s too early to talk about using cryptocurrencies to trade oil, says Putin
The crypto industry is associated with some degree of uncertainty as the major Iranian blockchain organization has expressed concerns about the enforcement of crypto regulations by the end of 2021. The Iranian government has also frequently power off local Bitcoin miners, citing that the temperature is too high or too low.