The CBI (Central Bank of Iran) and the Ministry of Trade have reached an agreement to connect the payment platform of CBI to a trading system that allows companies to settle payments in cryptocurrencies, according to the report of Mehr News Agency.
Iran will let crypto payments for international trade
The country’s deputy minister of Industry, Mine and Trade, Alireza Peyman-Pak stated that the system will be up and running “within the next two weeks.”
“We 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.”
According to him, the government should not be ignoring the crypto industry’s economic and business prospects, as evidenced by major private cryptocurrencies like Bitcoin (BTC). The Iranian government is said to be working on a mechanism that would enable the use of cryptocurrencies in global trade.
“All 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.”
In late 2021, Iran’s major blockchain organization expressed worries about crypto regulations being implemented before the country becomes fully immersed in Bitcoin and blockchain technology. Iran has also been shutting off electricity to local Bitcoin miners on a regular basis, blaming high temperatures.
