Iranian Authorities to Allow Use of Cryptocurrencies for International Settlements

The Central Bank of the Islamic Republic of Iran (CBI) and the Ministry of Industries, Mining and Trade have agreed to allow Iranian companies to use cryptocurrencies in settlements with partners abroad. The decision comes about after the first meeting of a joint Foreign Exchange Working Group (FXWG) between the Ministry and CBI leading to the approval of several measures to facilitate Iran’s foreign trade, including the use of cryptocurrency.

Why it Matters?

The cryptocurrencies space in Iran is still unregulated to a large extent. Cryptocurrencies and blockchain systems will assist Iran in maintaining important business opportunities that should not be disregarded. According to Alireza Peyman Pak, Deputy Minister of Trade, this will allow Iran to tap int...