{"id":20521,"date":"2023-05-03T11:49:06","date_gmt":"2023-05-03T11:49:06","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/iran-sets-up-platform-to-facilitate-crypto-payments-for-imports-bitcoin-news\/"},"modified":"2023-05-03T11:49:06","modified_gmt":"2023-05-03T11:49:06","slug":"iran-sets-up-platform-to-facilitate-crypto-payments-for-imports-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/iran-sets-up-platform-to-facilitate-crypto-payments-for-imports-bitcoin-news\/","title":{"rendered":"Iran Sets Up Platform to Facilitate Crypto Payments for Imports \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Authorities in Iran are taking steps to make crypto payments easier for companies importing goods in the sanctioned country. A dedicated platform has been established to allow local businesses to transfer cryptocurrency for the purpose of cross-border settlements.<\/strong><\/p>\n

Iran to Use Cryptocurrencies for Imports, Trade Organization Chief Vows<\/h2>\n

Iranian companies will be able pay for imports with cryptocurrencies, the country\u2019s Trade Promotion Organization (TPO) has assured, according to local media.<\/p>\n

Alireza Peymanpak, head of the government body, said that the Central Bank of Iran (CBI<\/a>) has issued a permission for using cryptos in settlements for imported goods.<\/p>\n

\u201cThe final decision will be taken by the Economy Ministry,\u201d Peymanpak added, quoted by the official Economy and Bank of Iran News Network (Ibena<\/a>) on Sunday.<\/p>\n

Peymanpak\u2019s statements come several months after he announced that Iran had placed<\/a> its first official import order in cryptocurrency. In August 2022, the government official revealed the deal was for $10 million worth of goods.<\/p>\n

\u201cBy the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,\u201d he tweeted at the time.<\/p>\n

Peymanpak now revealed that a specialized platform has been created to connect local companies that want to pay foreign suppliers with digital coins. He elaborated:<\/p>\n

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Businesses can use the platform to transfer cryptocurrency to settle import bills.<\/p>\n<\/blockquote>\n

A platform like this was necessary to facilitate money transfers using cryptocurrency. It is linked to Iran\u2019s Comprehensive Trade System and the CBI\u2019s Currency Allocation Platform, the executive detailed.<\/p>\n

TPO, the organization Peymanpak leads, is affiliated with Iran\u2019s Ministry of Commerce and is responsible for promoting the non-oil exports of the Islamic Republic.<\/p>\n

Crypto may be subject to certain restrictions in trading with countries such as Iraq, Afghanistan and Pakistan, the Financial Tribune noted in a report. However, the digital currencies can help Iran in export destinations where they are used such as China, India and Russia, the English-language daily noted.<\/p>\n

Like Iran, Russia has been the target of Western penalties, mostly over its involvement in the conflict in neighboring Ukraine, with multiple rounds of stiffening sanctions imposed since it launched a full-scale invasion last year.<\/p>\n

Policymakers in Moscow have been discussing the limited legalization of cryptocurrencies in order to allow Russian companies to use them in international settlements<\/a> with partners abroad, in order to circumvent mounting restrictions on traditional financial transactions.<\/p>\n

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\nTags in this story
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cbi<\/a>, Central Bank<\/a>, Crypto<\/a>, crypto payments<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, imports<\/a>, international settlements<\/a>, Iran<\/a>, Iranian<\/a>, Payments<\/a>, platform<\/a>, Settlements<\/a>, TPO<\/a>, trade<\/a>, trade organization<\/a><\/div>\n<\/div>\n

Do you think Iranian companies will be actively using cryptocurrencies to pay for imports? Tell us in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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