Iran to begin using cryptocurrency for foreign trade

Business Materials 10 January 2022 19:58 (UTC +04:00)
Iran to begin using cryptocurrency for foreign trade

TEHRAN, Iran, Jan.10


Iran is agreeing to use cryptocurrencies and blockchains in international trade in the next two weeks, said the head of Iran Trade Promotion Organization, Trend reports citing Mehr News Agency.

The Iranian government and the Central Bank of Iran have agreed to connect cryptocurrencies to Iranian systems such as Iran's comprehensive trading system for foreign trade, Alireza Peyman Pak noted.

Cryptocurrencies could create guarantees for small and medium businesses to transfer money and credit for trade, he indicated.

There is ongoing work on the mechanism for this system in Iran Trade Promotion Organization and the cryptocurrency system will connect to Iran's comprehensive trading system in the next two weeks.

The Central Bank of Iran is reviewing the suggestion of the private sector purchasing cryptocurrencies mined in the country.