Iran to allow crypto payments for international trade: Report
Iran is reportedly looking to unlock opportunities for importers and exporters to use crypto in international deals. The Central Bank of Iran, or CBI, and the Ministry of Trade have reached an agreement to link the CBI’s payment platform to a trade system allowing businesses to settle payments using cryptocurrencies, the Mehr News Agency reported Monday.Alireza Peyman-Pak, Iran’s deputy minister of Industry, Mine and Trade and head of Iran’s Trade Promotion Organization, or TPO, said that the new payment mechanism is expected to be finalized “within the next two weeks.”“We are finalizing a....
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Iran has now finally given a green signal to the use of cryptocurrency for imports into the nation while international trade sanctions are underway. This approval has come from Iran’s Industry, Mines and Trade Ministry. Trade Minister Reza Fatemi Amin gave confirmation that these regulations which are quite detailed have been approved and were in […]
Authorities in Iran are preparing to allow the employment of cryptocurrencies for international settlements. According to local media, central bank and government officials have given the green light to adopt a mechanism using digital coins in the field of foreign trade. Businesses in Iran to Be Able to Pay Foreign Partners With Crypto Iranian companies will be allowed to use cryptocurrencies in settlements with partners in other countries, local media reported. An agreement to that end has been reached by the Central Bank of Iran (CBI) and the Ministry of Industries, Mining and Trade.....
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The Iranian government has adopted bitcoin for international trade as the country’s economic crisis deepens, with rising Covid-19 cases, depreciating rial, and intensifying sanctions imposed by the U.S. government. Iran’s Economic Troubles Magnified Iran is undergoing a severe economic crisis as Covid-19 cases surge in the country. The Iranian health ministry says that the number of daily Covid-19 infections has more than quadrupled in less than two months. In addition, an increasing number of sanctions have been placed on Iran by the U.S. government, while the local fiat....
As Iran plans to scrap the use of US dollar as reserve currency, there are speculations of it being replaced by Bitcoin. Iran could pave the way for the adoption of Bitcoin as a foreign reserve currency. The reports of Iran moving away from US dollar as the preferred reserve currency in retaliation to the travel ban issued by Trump administration has led to this speculation. Until recently, Iran has been under sanctions for its nuclear program. With the sanctions relaxed last year, there were signs of trade and diplomatic relations between Iran and the United States returning to normalcy.....