Iran Allows To Use The Cryptocurrencies In The Field of Foreign Trade - Government of Iran has given the green light to the use of cryptocurrencies in foreign trade, opening a new opportunity to boost the country's economy.

    Iranian companies will be allowed to use cryptocurrencies to make payments with partners in many different countries. The Central Bank of Iran (CBI) and the Ministry of Industry, Mining and Trade have reached an agreement to achieve that goal.

    Alireza Peyman-Pak, head of Iran’s Trade Promotion Organization (TPO), quoted the information above, and he also said that the new payment mechanism is expected to be completed within the next two weeks. The original proposal came from the CBI. 

    According to the Iranian news agency IBENA, Pak took to social media to provide details of the first meeting of a joint foreign exchange working group between his organization and the CBI. The participants adopted a number of measures to facilitate Iran’s foreign trade, including the adoption of cryptocurrencies.

    Pak emphasized that cryptocurrencies and blockchain systems have many practical applications and that if Iran ignores them, the country will lose a huge business opportunity: “In some of our target markets, especially in countries like Iraq, Afghanistan or Pakistan, there may be restrictions on cryptocurrencies, but in our key markets like Russia, China Countries, India and Southeast Asia, the use of crypto is widespread”.

    Aside from mining that was legalized in 2019, Iran’s crypto space remains largely unregulated. As a result, in June 2021, the President of Iran actively pushed for the creation of a regulatory framework for crypto trading. According to a recent estimate, cryptocurrencies are becoming increasingly popular in Iran, with more than 12 million people holding various coins.

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