Iran allows the use of cryptocurrencies in international payment compensation, reveal reports -
Iran allows the use of cryptocurrencies in international payment compensation, reveal reports -
The authorities in Iran are preparing to allow the use of cryptocurrencies for international settlements. According to local media, central bank and government officials have given the green light for a mechanism that uses digital coins in the field of foreign trade.
companies in Iran can pay foreign partners with crypto
Iranian companies are allowed to use cryptocurrencies in settlements with partners in other countries, reported local media. A corresponding agreement was made by the Iranian Central Bank ( cbi ) and the Ministry of Industry, mining and trade. The head of the Iranian commercial promotion organization, Alireza Peyman Pak, is quoted by the Financial Tribune:
We are in the process of completing a mechanism for the operation of the system. This should offer importers and exporters new opportunities to use cryptos in their international business.
According to the Iranian news agency Ibena, Pak, who is also deputy Minister of Commerce, has informed details on the first meeting of a joint foreign exchange group in his department and the CBI. The participants agreed with a number of measures to facilitate the foreign trade of Iran, including the introduction of the crypto mechanism.
In a follow -up point, the same civil servant is cited with the statement that the Ministry of Commerce will create a plan for the use of local cryptocurrencies and coins acquired by private companies within two weeks. The first proposal comes from the central bank of Iran.
Pak emphasized that cryptocurrencies and blockchain systems have many practical applications and if Iran ignores them, he will lose business opportunities. "In some of our target markets, especially in countries such as Iraq, Afghanistan or Pakistan, there can be restrictions on the use of cryptocurrencies, but in our main markets such as Russia, China, India and Southeast Asia is the use of cryptocurrencies," he says.
Also mining , which remains the Iranian cryptae in 2019 unregulated. In April the Iranian Central Bank (CBI) authorized domestic banks and money changers Using digital coins to pay imports into the sanctioned nation. However, the Tehran authorities pursued crypto trading and payments in the country.
cryptocurrencies enjoy growing popularity in the Islamic Republic, with up to 12 million Iranians own coin or another, according to a current appreciate . Some officials have Restrictive policies, the persistence of which was driven into the underground could. Restrictions will take chances of the nation, Iranian fintechs warned in May Note that local companies have succeeded in bycas the economic blockade with crypto transactions.
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