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Iran Reportedly Set to Allow Digital Currencies Usage for International Payments


Source: AdobeStock / Borna_Mir

Iran is reportedly set to finalize a scheme that would allow merchants to use digital currencies in international trades.

According to a local media outlet, Alireza Peyman Pak, head of the Trade Promotion Organization of Iran, said that the country’s Central Bank reached an agreement with the Ministry of Industry, Mines, and Trade to allow businesses to utilize cryptoassets when making international payments.

Peyman Pak mentioned that Iranian exporters have been facing currency commitment issues, and that a working group has been formed to tackle these issues.

“We are exploring to lay the groundwork for the use of cryptocurrencies in international settlements,” the organisation head was quoted saying. 

He added that the Iranian government aims to use “blockchain-based systems approved by the Ministry of Industry and the Central Bank in the international arena to handle international trades and [bypass] sanctions.”

Peyman Pak said that the government has reached a conclusion on the matter of the adoption of digital currencies as a means of payment, stating that he hopes “a verdict might be made in the next two to three weeks.”

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