Iran will allow crypto payments in international deals

The government of Iran will enable the opportunities to use crypto assets in payment methods for international trades. 

Iran is a crypto-friendly country in this world but has strict rules to secure citizens from any kind of illegal activities. In 2018, the Iran government introduced its legal framework for crypto mining operations. However, the present time is not in favour of the Iranian authorities, and in this situation, they are not able to provide electricity to the crypto mining firms, so they imposed a crypto mining ban. But besides all these things, Iran is looking at this crypto industry from the point of view of economic growth. 

On 10 January, Mehr News Agency reported that the deputy minister of Iranian industry, Mine and Trade, and head of Iran’s Trade Promotion Organization, Alireza Peyman-Pak, announced that they will bring a new rule and framework to use crypto assets for payment purposes. 

Alireza said that a new framework on the crypto payment method will come in the next two weeks and further added that it is in the finalized state. This new mechanism will provide opportunities for the trade business in Iran. 

“We are finalizing a mechanism for operations of the system. This should provide new opportunities for importers and exporters to use cryptocurrencies in their international deals,” Alirezareportedly said.

The industry president also noted that the government of Iran is not ignoring the opportunities with this Economic industry and we will enable the use of crypto assets in better use cases at the global level. 

“All economic actors can use these cryptocurrencies. The trader takes the ruble, the rupee, the dollar, or the euro, which he can use to obtain cryptocurrencies like Bitcoin, which is a form of credit, and can pass it on to the seller or importer…..(..)…Since the cryptocurrency market is done on credit, our economic actors can easily use it and use it wisely.”

It seems that Iran is going to be the first country after El Salvador to adopt crypto as a payment option. However, here cryptocurrencies are not going to be under legal tender as fiat currency in Iran.

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