Iran will allow encrypted currencies in international settlement

The Iranian authorities are ready to allow international settlement of encrypted currencies. According to local media reports, central banks and government officials have approved the digital currency mechanism in the field of foreign trade.

Iranian companies will be able to use encrypted currencies to pay for foreign partners

According to local media reports, Iran will be allowed to use encrypted currency when settlement with partners in other countries. The Iranian Central Bank (CBI) and the Ministry of Industry, Mining and Trade have reached an agreement. The “Financial Forum” quoted the Iranian trade promotion organization’s Alirezapeyman Pak said:

“We are finalizing the operation mechanism of the system. This will provide new opportunities for importers and exporters to use encrypted currency in international trading.”

According to Ibena Irana, the Party of the Ministry of Trade has provided a detail of the first meeting of the joint foreign exchange work group between its departments and CBIs on social media. Participants approved a series of measures to promote Iran’s foreign trade, including encryption mechanisms.

Subsequent reports invoked the same official to say that the Ministry of Trade will develop a plan in two weeks to pay the import costs of goods using local mining encrypted currencies and private companies. The initial proposal comes from the central bank of Iran.

PAK emphasizes that encrypted currency and block chain systems have many practical applications. If Iran is ignored them, it will lose business opportunities. “In some of our target market – especially in Iraq, Afghanistan or Pakistan – using encrypted currency may be restricted. But in our major market – such as Russia, India and Southeast Asia – using encrypted currency Very general, “he explained.

Iran’s encrypted currency industry is largely unprocated (except for the legalization of mine in 2019). In April, Iran Central Bank (CBI) licensing domestic banks and currency exchangers use local cast digital coins to pay imports to the affected countries. However, Tehran authorities have been tracing the country’s encrypted currency transactions and payments.

Encrypted currencies are more popular in the Islamic Republic – based on a recent estimate, up to 12 million Iran people hold at least one coin. Some officials oppose restrictive policies, and instruct these policies may suppress innovation. Iranian Financial Technology Company warned in May that restrictive policy will deprive the country’s opportunities and point out that local companies have managed to “bypass economic blockade” through encrypted currency transactions.