Tags in this story
cbi, central bank, crypto, crypto payments, cryptocurrencies, cryptocurrency, import, international settlement, Iran, Iranian, payments, platform, settlement, TPO, trade, trade organization
Iran Sets Up Platform to Facilitate Crypto Payments for Imports – Bitcoin News
Authorities in Iran are taking steps to make crypto payments easier for companies importing goods into the sanctioned country. A dedicated platform has been established to allow local businesses to transfer cryptocurrency for cross-border settlements.
Iran to use cryptocurrencies for imports, trade organization chief promises
Iranian companies will be able to pay for imports with cryptocurrencies, the country’s Trade Promotion Organization (TPO) has assured, according to local media.
Alireza Peymanpak, head of the government body, said that the Central Bank of Iran (CBI) has given permission to use crypto in settlement of imported goods.
“The final decision will be taken by the Ministry of Economy,” Peymanpak added, quoted by the official Economy and Bank of Iran News Network (Ibena) on Sunday.
Peymanpak’s statements come several months after he announced that Iran had placed its first official cryptocurrency import order. In August 2022, authorities revealed the deal was for $10 million worth of goods.
“By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” he tweeted at the time.
Peymanpak now revealed that a specialized platform has been created to connect local companies that want to pay foreign suppliers with digital coins. He elaborated:
Businesses can use the platform to transfer cryptocurrency to settle import bills.
A platform like this was needed to facilitate money transfers using cryptocurrency. It is linked to Iran’s comprehensive trading system and the CBI’s currency allocation platform, the executive described.
TPO, the organization Peymanpak leads, is affiliated with Iran’s Ministry of Commerce and is responsible for promoting the Islamic Republic’s non-oil exports.
Crypto may be subject to certain restrictions in trading with countries such as Iraq, Afghanistan and Pakistan, the Financial Tribune noted in a report. However, the digital currencies could help Iran in export destinations where they are used such as China, India and Russia, the English-language daily noted.
Like Iran, Russia has been the target of Western sanctions, mostly over its involvement in the conflict in neighboring Ukraine, with several rounds of tougher sanctions imposed since it launched a full-scale invasion last year.
Politicians in Moscow have discussed the limited legalization of cryptocurrencies to allow Russian companies to use them in international settlements with partners abroad, circumventing increasing restrictions on traditional financial transactions.
Do you think Iranian companies will actively use cryptocurrencies to pay for imports? Tell us in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
