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Iran to Allow Local Merchants to Settle International Payments Via Crypto

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Iranian people shopping in Tehran Grand Bazaar which is an old historical bazaar in Tehran still used today as a centre of economic activity

Iranian regulators are set to allow local merchants to settle payments with international partners using cryptocurrencies as the country seeks to get around US sanctions.

Source: Blockworks

BTC is up 4.66%, ETH up 7.39%, and XRP up 6.89%.

The Ministry of Industry, Mine, and Trade has agreed to a mechanism that would involve linking the Comprehensive Trade System to the central bank’s cryptocurrency platform, which would allow foreign trade settlements via digital tokens.

The announcement was made by Deputy Minister and Trade Promotion Organization Head Alireza Peyman-Pak through social media on Friday, noting that a mechanism for operations is already being finalized.

Additional details on the deal have yet to be provided, but it comes as Iran looks to circumvent the economic sanctions implemented by the United States over concerns over its nuclear program in 2012.

Iran in May prohibited local trade of crypto assets sourced overseas.

 

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