Crypto for foreign trade: What do we know about Iran’s new strategy
Iran has decided to legalize the use of crypto in cross-border payments, which could impact how some countries view crypto. With the Trade Ministry officially approving the use of cryptocurrencies for foreign trade, Iran will become the first-of-a-kind adopter in the world. The obvious problem with the news is that the country’s innovative policy obviously aims at circumventing financial sanctions that have been hampering its participation in the global economy for many years. These circumstances set an ambivalent tone for Iran’s experiment — while for some, it could prove crypto’s....
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Iran’s Trade Ministry has approved the use of cryptocurrency payments for imports in a bid to bolster trade in the country. Iran’s Industry, Mines and Trade Ministry has approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions.According to local news reports, Trade Minister Reza Fatemi Amin confirmed that detailed regulations have been approved outlining the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin (BTC) and crypto miners in the country.Amin outlined the regulatory change at an automotive industry....
Corporate lobbyists urge the government to create a proper infrastructure and avoid the emergence of business rent. In the aftermath of the first officially reported crypto payment in the sanctioned country’s foreign trade, Iran’s importers point to the necessity of stable regulations to continue trade via cryptocurrencies. On Saturday local reports cited the head of Iran’s Importers Group and Representatives of Foreign Companies (Import Association), Alireza Managhebi, who emphasized that stable regulations and infrastructure should be prepared to be able to successfully use....
Prolonged economic sanctions against the Islamic state have forced Iran to start using crypto as a medium of exchange for international trade deals. Struggling through decades of economic sanctions, Iran has placed its first international import order using $10 million worth of cryptocurrency, according to a senior government trade official. News that the Islamic republic placed its first import order using crypto was shared by Iran’s Deputy Minister of Industry, Mine & Trade Alireza Peyman-Pak in a Twitter post on Aug. 9.While the official did not disclose any details about the....
Russia’s Federal Tax Service proposed a change to the “On Digital Currency” legislation allowing entities to accept bitcoin as payment in foreign trade.
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....