Iran Sets Up Platform to Facilitate Crypto Payments for Imports CryptoBlog

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Iranian authorities are taking steps to facilitate crypto payments for companies importing goods into the sanctioned country. A dedicated platform has been set up to allow local businesses to transfer cryptocurrency for cross-border settlements.

Iran will use cryptocurrencies for imports, head of trade organization pledges

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) issued permission for the use of cryptos in the settlements of imported goods.

The final decision will be taken by the Ministry of Economy, added Peymanpak, quoted by the official news network of Economy and Bank of Iran (Ibena) on Sunday.

Peymanpaks’ statements come several months after he announced that Iran had placed its first official cryptocurrency import order. In August 2022, the government official revealed that 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 has now revealed that a specialized platform has been created to connect local businesses that want to pay foreign suppliers with digital coins. He precised :

Businesses can use the platform to transfer cryptocurrency to pay import bills.

A platform like this was needed to facilitate money transfers using cryptocurrency. It is linked to Iran’s global trading system and the CBI’s currency allocation platform, the executive detailed.

TPO, the organization headed by Peymanpak, is affiliated with Iran’s Ministry of Commerce and is responsible for promoting the Islamic Republic’s non-oil exports.

The crypto may face certain restrictions in trading with countries such as Iraq, Afghanistan, and Pakistan, the Financial Tribune noted in a report. However, digital currencies can help Iran in export destinations where they are used such as China, India and Russia, the English-language daily notes.

Like Iran, Russia has been the target of Western sanctions, mainly for its involvement in the conflict in neighboring Ukraine, with several rounds of tougher sanctions imposed since it launched a full-scale invasion last year.

Policymakers in Moscow have discussed the limited legalization of cryptocurrencies to allow Russian companies to use them in international settlements with partners abroad, to circumvent growing restrictions on traditional financial transactions.

Tags in this story cbi, Central Bank, Crypto, crypto payments, Cryptocurrencies, Cryptocurrency, imports, international settlements, Iran, Iranian, Payments, platform, Settlements, TPO, trade, trade organization

Do you think Iranian companies will actively use cryptocurrencies to pay for imports? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: Being a writer is who I am, rather than what I do. Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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