Iran, according to reports, is attempting to open up prospects for importers and exporters to use cryptocurrency payments in international transactions. This decision would open up various options to traders in the industry. Furthermore, this would widen the influence of cryptocurrency in the country.
The Central Bank of Iran, commonly known as CBI, and the Ministry of Trade have achieved an agreement. The two parties agreed to link the CBI’s payment platform to a trading system that will allow enterprises to settle payments using cryptocurrency. This is all according to the Mehr News Agency. The decision will largely have various economic implications especially for people doing trading. Furthermore, this will solidify the cryptocurrency exchange in the country.
Within the next two weeks, establishing a new payment system will occur. Alireza Peyman-Pak is the one who released the information. He was the head of the country’s Trade Promotion Organization or short for TPO. The system would open various options to traders upon its completion. In addition, these would assure the users of cryptocurrency especially during these times when a lot of various bills and laws are hindering the use and trade of cryptocurrency.
They are in the process of finalizing a system-wide operation mechanism. This should open up new options for importers and exporters to include cryptocurrency in their international transactions. Peyman-Pak has remarked regarding the issue.
As he continued, he referred to prominent private cryptocurrencies such as Bitcoin (BTC) and said that the government should not ignore the economic and business potential that the crypto industry presents.
Cryptocurrency payments to be usable in international commerce transactions.
According to reports, the Iranian government is working on a method that will allow cryptocurrencies usable in international commerce transactions. This decision will greatly affect the other people conducting transactions in the country.
These cryptocurrencies are available to all economic actors. It is the trader’s responsibility to take the ruble, the rupee, the dollar, or the euro and convert them into cryptocurrencies such as Bitcoin. This will be a type of credit, which he can then transfer to the seller or importer. The economic players can readily and broadly use bitcoin because it is done on credit. Furthermore, because it is done on credit, the cryptocurrency market is done on credit.
Due to worries stated by Iran’s largest blockchain organization about the implementation of cryptocurrency legislation in late 2021. The cryptocurrency industry has been connected with a certain amount of unpredictability. Many are uncertain as to which direction the cryptocurrency industry would lead. The Iranian authorities has also started shutting down electricity to local Bitcoin miners on a regular basis. They are citing severe temperatures as the reason. Despite this, a lot of doors are still opening for people who are trading and using cryptocurrencies.
Nevertheless, this new trade option offered by the country Iran would open new opportunities and options to many traders inside and outside of the country. Also, this proves the cryptocurrency industry is still going strong despite the difficulties and hindrances it faces.