Iran may decide to allow the use of digital currencies for international payments

Iran would be ready to finalize a scheme that would allow traders to use digital currencies in international trade. According to a local media outlet, Alireza Peyman Pak, head of Iran's Trade Promotion Organization, said the country's central bank has reached an agreement with the Ministry of Industry, Mines and Trade to allow companies to use cryptocurrencies when making international payments. Peyman Pak said Iranian exporters faced currency commitment issues and a working group was formed to address these issues. "We are exploring the possibility of laying the foundations for the use of cryptocurrencies in international settlements," said the head of the organization.

She added that the Iranian government aims to use "blockchain-based systems approved by the Ministry of Industry and the Central Bank in the international arena to manage international trade and [circumvent] sanctions". Peyman Pak said the government has reached a conclusion on the issue of adopting digital currencies as a means of payment, saying it hopes that "a verdict can be made in the next two or three weeks".