New payment moves from Iran to cryptocurrencies

Iran has brought a new payment move in the Cryptocurrency era. The country, which has recently accelerated the nuclear agreement negotiations with Europe, announced that it has completed its payment for imports with Bitcoin and cryptocurrencies.

Iran is officially sanctioning the use of cryptocurrency for imports as a measure to circumvent US sanctions on the financial and banking sector.

Iranian Trade Minister Seyid Reza Fatemi Amin announced that the Tehran administration has completed the regulations for the use of cryptocurrencies instead of dollars and euros. The country also made its first international trade worth $10 million in cryptocurrencies in early August.

In addition to the Minister's statement, Alireza Peymanpak, Deputy Minister of Commerce, added, "By the end of September, the use of cryptocurrencies and smart contracts will continue with target countries. It will be widely used in foreign trade," he said.

In 2019, the Central Bank of Iran banned the trading of cryptocurrencies within the country, but the government allowed the use of cryptocurrencies such as bitcoin to pay for imports.

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