Iran to allow businesses use Bitcoin for International payment settlements

There is a known fact that Iran’s native currency has not been doing well from past few years. This is chiefly due to sanctions imposed on it. Central Bank of Iran has come up with a brilliant idea that will allow local businesses to make use of bitcoin and other cryptocurrencies to settle payments to foreign partners.

iran bitcoin

This will open door to new opportunities for both importers and exporters to use bitcoin and cryptocurrencies while doing international deals.

An agreement has been reached between Central Bank of Iran and ministry of industries, mining and trade to link CBI cryptocurrency platform with their Comprehensive Trade System.

The system to use cryptocurrencies for settlement of payment is being finalized. This can be thing that can generate momentum for Iran exports and imports.

So which cryptocurrencies would be accepted? Well, the final list is not yet prepared but it would be safe to assume Bitcoin, Ethereum, Litecoin and Bitcoin Cash being accepted. It would be interesting to see USDT and other stablecoins on the list as well.