Iran to License Practice of Cryptocurrencies in International Settlements, Reports Disclose

According to local media, Iranian enterprises would be allowed to use cryptocurrency in payments with partners in other nations. The Central Bank of Iran (CBI) and the Ministry of Industries, Mining, and Trade have reached an agreement to that goal. Quoted by the Financial Tribune, the head of the Trade Promotion Organization of Iran, Alireza Peyman Pak, broadcasted: “We are finalizing a mechanism for operations of the system. This should provide new opportunities for importers and exporters to use cryptos in their international deals.” Pak, who is also deputy minister of trade, took to social media to share details about the inaugural meeting of a combined foreign exchange working group between his department and the CBI, according to the Iranian news agency IBENA. The parties agreed to a variety of measures, including the use of the crypto system, to help Iran’s foreign commerce. According to a follow-up report, the Trade Ministry will prepare a plan for the use of locally generated cryptocurrencies and coins acquired by private enterprises to pay for the import of products within two weeks. The Iranian Central Bank is the source of the initial proposal. Pak emphasized that cryptocurrencies and blockchain systems have many practical applications and if Iran ignores them, it will lose business opportunities. “In some of our target markets, especially in countries such as Iraq, Afghanistan or Pakistan, there may be restriction...