Iran plans to allow cryptocurrencies for international trade

January 13, 2022 09:53 AM AEDT | By Ashish

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Iran plans to allow cryptocurrencies for international trade — Image source: Nattawit Khomsanit,Shutterstock

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Highlights

Iran is planning to build a groundwork for the use of cryptocurrencies for international trade.

The Central Bank of Iran (CBI) has reached an agreement with the Ministry of Trade to link its payment platform to such a trade system.

The new payment mechanism is expected to be finalised “within the next two weeks.”

Amid rising popularity of cryptocurrencies, Iran is mulling to finalise a scheme that allows merchants to use digital currencies for international payments. The Central Bank of Iran (CBI) has reached an agreement with the Ministry of Trade to link its payment platform to a trade system allowing businesses to pay using cryptocurrencies, according to Mehr News Agency.

Alireza Peyman-Pak, Iran’s deputy minister of Industry, Mine and Trade and head of Iran’s Trade Promotion Organization said that the ministry was exploring to establish a groundwork for the use of cryptocurrencies in international settlements. He also said that the new payment mechanism is expected to be finalised “within the next two weeks.”

The minister said that Iran can’t ignore the benefits of blockchain technology. Iran’s trade partners including Russia, China, India, and Southeast Asia, “using cryptocurrencies is common”, he noted.

El Salvador last year became the first nation to recognise Bitcoin as legal tender.

Source: © Aoutphoto | Megapixl.com

Meanwhile, El Salvador last year became the first nation to recognise Bitcoin as legal tender. The country believes that being the first to open its doors to bitcoin completely will boost its economy.

President Nayib Bukele feels that this would inspire Bitcoin investors to invest more capital in his nation. He even intends to use the energy from volcanoes to mine Bitcoin utilising El Salvador's state-run geothermal utility.

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