Iran Set to Allow Digital Currencies Usage for International Payments - Report
Iran is reportedly set to finalize a scheme that would allow merchants to use digital currencies in international trades.
According to a local media outlet, Alireza Peyman Pak, head of the Trade Promotion Organization of Iran, said that the country's Central Bank reached an agreement with the Ministry of Industry, Mines, and Trade to allow businesses to utilize cryptoassets when making international payments.
Peyman Pak mentioned that Iranian exporters have been facing currency commitment issues, and that a working group has been formed to tackle these issues.
"We are exploring to lay the groundwork for the use of cryptocurrencies in international settlements," the organisation head was quoted saying.
He added that the Iranian government aims to use "blockchain-based systems approved by the Ministry of Industry and the Central Bank in the international arena to handle international trades and [bypass] sanctions."
Peyman Pak said that the government has reached a conclusion on the matter of the adoption of digital currencies as a means of payment, stating that he hopes "a verdict might be made in the next two to three weeks."
- Winter’s Here for Bitcoin Miners in Kazakhstan and Iran as Cold Weather Brings Slowdowns
- Bitcoin as Safe Haven Narrative is Tested Again After U.S. Strike in Iran
- 5 Key Trends to Watch in 2022 According to Grayscale CEO
- Crypto Investment Trends in 2022: Brace for More Institutions and Meme Manias
- 2022 Crypto Regulation Trends: Focus on DeFi, Stablecoins, NFTs, and More
- 1B Crypto Users, Friendlier Regulations, Countries Adopting Crypto - Crypto.com's 2022 Predictions