Iran, which has been subject to US economic sanctions for years, has prepared a legal regulation that paves the way for the use of Bitcoin and other cryptocurrencies in international trade.
Iran’s central bank and the Ministry of Industry, Mines and Trade have agreed on a regulation that will allow local merchants to start using cryptocurrencies for foreign trade deals.
According to the information reported by Iran-based Mehr News Agency at the beginning of the week, it was stated that crypto money, especially Bitcoin, can be used in imports and exports in Iran against international sanctions.
Alireza Peyman-Pak, Iran’s Deputy Minister of Industry, Mining and Trade and Head of the Iran Trade Development Organization (TPO), announced that the new payment mechanism will be completed “within the next two weeks”.
This system will provide new opportunities for importers and exporters to use cryptocurrencies in their international deals, Peyman-Pak reported. Peyman-Pak also stated that one should not ignore the economic and commercial opportunities in the crypto industry.
This decision could mean lifting bans on bitcoin mining. Time will show that.