Iran to Use Cryptocurrencies for International Business Transactions

Iranian local media reports that the country authorities have given the green light to allow cryptocurrencies for business transaction settlements with foreign based partners.

As widely covered by the country’s news agencies, the Central Bank of Iran (CBI) and the Ministry of Industries, Mining and Trade reportedly reached an agreement. Citing, Alireza Peyman Pak, head of the Trade Promotion Organization of Iran, the Financial Tribune noted:

“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.”

Another Iranian news agency, IBENA, wrote that Pak, made the announcement on social media after a first meeting of a joint foreign exchange working group between his department and the CBI. Several measures to benefit Iran’s foreign trade were discussed, including the adoption of cryptocurrencies.

Following up on an initial proposal from the CBI, Iran’s Trade Ministry is expected to present a plan in the next two weeks on how to use locally mined cryptocurrencies and coins acquired by private companies to pay for business transactions.