Iran to allow Businesses use Crypto for International Settlements


The Central Bank of Iran and the Ministry of Industries, Mining and Trade have reached agreement to link the CBI crypto platform to the Comprehensive Trade System in the next two weeks. This will allows businesses  to make use of cryptocurrency to settle payments to foreign partners, the head of the Trade Promotion Organization of Iran said.


“We are currently working on a central bank proposal on how we can use in-house cryptocurrencies or cryptocurrencies that have been purchased by groups such as private sector and are trading to use for import goods. It is possible to define a mechanism to cryptocurrencies produced in the country help to develop trade and import goods. Ministry of Industry, Mines and Trade and Central Bank will implement Summarize and plan the use of internal cryptocurrencies in two weeks. Economic operators can use this tool to receive cryptocurrencies such as Bitcoin and Tetra and pass them on to seller or importer. In some of our target markets, especially in countries such as Iraq, Afghanistan or Pakistan, there may be restrictions on using cryptocurrencies, but in our major markets such as Russia, China, India and Southeast Asia, using cryptocurrencies is common.” IBENA quoted Peyman Pak as saying.


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