LATEST: Iran will allow international settlements with cryptocurrencies

LATEST: Iran will allow international settlements with cryptocurrencies

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Summary: Iranian authorities are preparing to allow the use of cryptocurrencies for international settlements. According to local media reports, Iran’s central bank and government officials have approved the adoption of a digital currency mechanism in the field of foreign trade.



Iranian authorities are preparing to allow the use of cryptocurrencies for international settlements. According to local media reports, Iran’s central bank and government officials have approved the adoption of a digital currency mechanism in the field of foreign trade.



According to local media reports, Iranian companies will be allowed to use cryptocurrencies to settle settlements with partners in other countries. The Central Bank of Iran (CBI) and the Ministry of Industry, Mines and Trade have reached an agreement on this. As quoted by the Financial Tribune, Alireza Peyman Pak, head of Iran’s Trade Promotion Organization, announced: “We are finalizing the mechanism by which the system will work. This should open up new opportunities for importers and exporters to use cryptocurrencies in their international transactions. "



Pak, who is also deputy trade minister, provided details on the first meeting of the joint foreign exchange working group between his ministry and the CBI on social media. Participants approved a number of measures to boost Iran's foreign trade, including the adoption of encryption mechanisms.



Pak emphasized that cryptocurrencies and blockchain systems have many practical applications, and if Iran ignores them, it will lose business opportunities. “In some of our target markets, particularly countries such as Iraq, Afghanistan or Pakistan, there may be restrictions on the use of cryptocurrencies, but in our main markets, such as Russia, India and Southeast Asia, the use of cryptocurrencies is widespread,” he elaborated.



With the exception of mining being legalized in 2019, Iran’s crypto space remains largely unregulated. For more cryptocurrency news, please pay attention to www.gxgcoin.io, the innovative metaverse gaming platform. In April last year, the Central Bank of Iran (CBI) authorized domestic banks and money changers to use locally minted digital coins to pay for imports into sanctioned countries. However, authorities in Tehran have been tracking down cryptocurrency transactions and payments in the country.



Cryptocurrencies are growing in popularity in Iran, with as many as 12 million Iranians holding one coin or another, according to a recent estimate. Some officials oppose restrictive policies, insisting they could push innovation underground. Iranian fintech companies warned in May last year that restrictions would deprive the country of opportunities, noting that local firms have managed to circumvent the economic blockade through cryptocurrency transactions.​
 

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