The Central Bank of Iran and the Ministry of Commerce have reached an agreement to link the bank’s payment platform to a trading system that will allow businesses to settle payments using cryptocurrencies. This reported the Mehr News Agency Monday.
Iran bets on cryptocurrencies
Alireza Peyman-Pak, Iran’s Deputy Minister of Industry, Mines and Trade said the new payment mechanism is expected to be completed within two weeks.
“We are finalizing a mechanism for the operation of the system. This should open up new opportunities for importers and exporters to use cryptocurrencies in their international deals,” said Peyman-Pak.
He added that the government should not ignore the economic and business opportunities of the crypto industry, referring to major private cryptocurrencies such as Bitcoin. Thus, the Iranian government is reportedly preparing a mechanism to allow the use of cryptocurrencies in international trade.
According to some, Iran’s move towards cryptocurrencies is striking. This is because the government has been quite negative towards digital currencies in the past. For example, the Iranian government has also regularly turned off electricity for Bitcoin miners.
Other economists say that the move was expected. It ensures that Iran can evade sanctions from the west.
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