Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Iran is reportedly looking to unlock opportunities for importers and exporters to use crypto in international deals.
The Central Bank of Iran, or CBI, and the Ministry of Trade have reached an agreement to link the CBIâs payment platform to a trade system allowing businesses to settle payments using cryptocurrencies, the Mehr News Agency reported Monday.
Alireza Peyman-Pak, Iranâs deputy minister of Industry, Mine and Trade and head of Iranâs Trade Promotion Organization, or TPO, said that the new payment mechanism is expected to be finalized âwithin the next two weeks.â
âWe are finalizing a mechanism for operations of the system. This should provide new opportunities for importers and exporters to use cryptocurrencies in their international deals,â Peyman-Pak reportedly said.
He added that the government should not be ignoring the economic and business opportunities of the crypto industry, referring to major private cryptocurrencies like Bitcoin (BTC):
The Iranian government is reportedly preparing a mechanism to enable the use of cryptocurrencies in international trade.
âAll 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.â
The CBI did not immediately respond to Cointelegraphâs request for comment. This article will be updated pending new information.
Related: Too early to talk about using crypto for oil trading, says Putin
The crypto industry has been associated with some extent of uncertainty as Iranâs major blockchain organization expressed concerns about the enforcement of crypto regulations in late 2021. The Iranian government has also been regularly turning off electricity to local Bitcoin miners, citing temperature extremes.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.