Iran has taken steps to facilitate cryptocurrency payments for companies importing goods by establishing a dedicated platform. This platform will enable local businesses to transfer cryptocurrency for cross-border settlements.
Trade promotion organization promises crypto support for imports
According to local media reports, the country’s Trade Promotion Organization (TPO) has assured Iranian companies can use cryptocurrencies for import payments. Alireza Peymanpak, the head of TPO, revealed that the Central Bank of Iran (CBI) had granted permission to use cryptos in import settlements. The final decision, however, awaits approval from the Economy Ministry.
In August 2022, Peymanpak announced that Iran had placed its first official import order using cryptocurrency, amounting to $10 million worth of goods. He also predicted that cryptocurrencies and smart contracts would become widespread in foreign trade with target countries by the end of September.
Connecting local companies and foreign suppliers through a specialized platform
A specialized platform has been created to link local companies wishing to pay foreign suppliers using 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.
Although crypto trading may face certain limitations in countries such as Iraq, Afghanistan, and Pakistan, digital currencies can assist Iran in export destinations where they are accepted, including China, India, and Russia. Russia, similar to Iran, has been the target of Western sanctions, primarily due to its involvement in the Ukrainian conflict.
Consequently, Moscow’s policymakers have been discussing the limited legalization of cryptocurrencies to enable Russian companies to use them for international settlements, bypassing restrictions on traditional financial transactions.