Seeking to protect itself against the economic sanctions imposed by the impasse on nuclear deal with the United States, Iran plans to adopt cryptocurrencies as a trading currency in foreign trade.
A major oil exporter, Iran intends to use digital currencies in international financial deals. According to the Financial Tribune, the Iranian government has received the endorsement of the adoption project that has been approved by officials who are part of the country’s Central Bank.
Iran should allow companies to use bitcoin and other cryptos in business dealings. In addition to the Central Bank of Iran, the Ministry of Industries, Mining, and Trade is part of the project.
The adoption of cryptoassets in the country was announced in an interview by the head of Iran’s Trade Promotion Organization, Alireza Peyman Pak, who said that the project is in its final stages of development.
“We are finalizing a mechanism for system operations. This should provide new opportunities for importers and exporters to use cryptocurrencies in their international business”.
One of Iran’s most significant challenges will be dealing with countries that do not consider using cryptoassets as a means of payment. Being a major oil supplier to Iraq, Afghanistan, and Pakistan, these countries may not embrace foreign trade with digital currencies, says Alireza Peyman Pak.
On the other hand, Iran may find a trading environment with other strategic partners in foreign trade, such as Russia, China, and India.