Iranian authorities have established a dedicated platform to simplify crypto payments for companies importing goods into the country. The platform enables local businesses to transfer cryptocurrency for cross-border settlements. Iran’s Trade Promotion Organization (TPO) sup...
Iranian authorities have established a dedicated platform to simplify crypto payments for companies importing goods into the country. The platform enables local businesses to transfer cryptocurrency for cross-border settlements.
Iran’s Trade Promotion Organization (TPO) supports crypto for imports
According to local media reports, the country’s Trade Promotion Organization (TPO) has confirmed that Iranian companies can use cryptocurrencies to pay for imports.
Alireza Peymanpak, head of the TPO, stated that the Central Bank of Iran (CBI) had granted permission to use cryptos for imported goods settlement, with the final decision pending approval from the Economy Ministry.
Peymanpak’s announcement follows Iran’s first official import order using cryptocurrency in August 2022, which involved $10 million worth of goods. He previously claimed that cryptocurrencies and smart contracts would be widespread in foreign trade with target countries by September.
Specialized platform to connect local companies and foreign suppliers
A specialized platform has been developed to link local companies wishing to pay foreign suppliers with digital coins. Peymanpak explained that businesses could use the platform to transfer cryptocurrency to settle import bills. The platform connects Iran’s Comprehensive Trade System and the CBI’s Currency Allocation Platform.
While crypto trading may face certain limitations with countries like Iraq, Afghanistan, and Pakistan, digital currencies can aid Iran in export destinations that accept them, such as China, India, and Russia.
Like Iran, Russia has been subject to Western sanctions, leading policymakers in Moscow to discuss the limited legalization of cryptocurrencies for international settlements to circumvent restrictions on traditional financial transactions.