Iran Might Allow Use of Digital Assets In International Settlements, Report Divulges

Iranian firms will be permitted to use digital assets in settlements with partners in other nations, as per a report published by local media. An agreement to that end has been reached by the Central Bank of Iran and the Ministry of Industries, Mining and Trade.

Quoted by the Financial Tribune, the head of the Trade Promotion Organization of Iran, Alireza Peyman Pak, mentioned,

“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.”

As per the Iranian news agency IBENA, Pak, who is also deputy minister of trade, took to social media to furnish particulars about the 1st meeting of a joint foreign exchange working group between his department and the Central Bank of Iran. The participants agreed to several measures to help along Iran’s foreign trade, including the espousal of the crypto mechanism.

A follow-up report mentions the same official as commenting that the Trade Ministry will produce a plan within a couple of weeks for the use of locally mined digital assets and coins acquired by private organizations to pay for the import of goods. The primary proposal comes from the Central Bank of Iran.