Central Bank of Iran Allowed The Use Of Cryptocurrencies

The Central Bank of Iran has allowed the use of cryptocurrencies. Companies in Iran are allowed to use cryptocurrencies in international trade.

The Central Bank of Iran and the Ministry of Industry, Mining and Trade have taken a step to facilitate the use of cryptocurrencies in international trade by businesses in Iran. In this regard, an agreement was signed between the Central Bank of Iran and the Ministry of Industry, Mining and Trade. With the said agreement, the cryptocurrency infrastructure will be added to the Comprehensive Trading System of the Central Bank of Iran. Thus, Iran will enable businesses to use cryptocurrencies in international trade. The Central Bank of Iran has reached an agreement with the Ministry of Industry, Mines and Commerce to add crypto infrastructure to the Comprehensive Trading System. As a result, the agreement signed between the Central Bank and the Ministry of Mining and Trade was a big step forward for the use of cryptocurrencies in international trade. The following statements were made: “We are completing a mechanism for the system to work. This should provide new opportunities for importers and exporters to use crypto in their international deals.” There has been no detailed and official statement from either side regarding the issue yet. In addition, Iran, which previously stopped mining activities, lifted this ban in September 2021.