• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
bitcoin on the Iran flag

Iran Agrees To Allow Local Merchants To Use Crypto For International Payments

Best Owie
by Best Owie
3 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Iran has now joined the ranks of countries allowing crypto payments for residents. One of the building blocks behind cryptocurrencies was for them to be used as a method of payment but there is still a lot of hurdles to this. Countries like El Salvador have fully embraced the crypto dream. However, others remain in either a dark or a grey area around this, although not for much longer. One of those that have made moves to allow its citizens to enjoy the benefits of crypto payments in Iran.

Iran Approves Crypto Payments

The Iranian Central Bank, alongside its Ministry of Industry, Mine and Trade, has recently approved the use of crypto payments for merchants in the country. The decision comes after a meeting between the bank and the ministry which would allow local merchants to settle trade transactions using crypto.

Related Reading | Small-Time Bitcoin Miner Beats 1 in 1.3 Million Odds To Get 6.25 Block Reward

In what was a joint foreign currency working group between the ministry and the bank, the mechanism was finalized as a way to help merchants carry out foreign trade settlements and circumvent the sanctions imposed against the country in 2012, that has now spanned almost a decade, With crypto, merchants and businesses will be able to carry out trade with their foreign counterparts without having to worry about the sanction.

Iran whose relationship with crypto has been shaky at best had turned to cryptocurrencies, which provides a much better option for foreign deal settlements for importers and exporters to carry out trade.

Crypto total market cap chart from TradingView.com

Crypto total market cap back above $2 trillion | Source: Crypto Total Market Cap on TradingView.com

More information is expected to come out regarding the mechanism which will shed light on how international crypto payments would work for the country. “We are finalizing a mechanism for operations of the system,” said Alireza Peyman-Pak, Iran’s deputy minister of Industry, Mine and Trade and head of Iran’s Trade Promotion Organization, TPO. Adding that the mechanism should be finalized “within the next two weeks.”

Related Reading | Think Bitcoin Is Bearish? Check Out These Mining Stocks

This new mechanism would allow local businesses and merchants in Iran to trade internationally regardless of the fiat currency, which can be converted to cryptocurrencies and used to pay the seller or the importer, the Iranian government said.

“All economic actors can use these cryptocurrencies. The trader takes the ruble, the rupee, the dollar, or the euro, which he can use to obtain cryptocurrencies like Bitcoin, which is a form of credit and can pass it on to the seller or importer. […] Since the cryptocurrency market is done on credit, our economic actors can easily use it and use it widely.”

Iran’s stance on crypto has fluctuated in the past. In 2020, the country had approved about 1,000 mining licenses for crypto miners. However, in July 2021, a bill was proposed by members of the Iranian parliament for the complete ban of cryptocurrency payments in the region.

Featured image from Bitcoin News, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Best Owie

Best Owie

Follow

Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

Full Profile

Related Posts

crypto

Crypto Endorsements Get A Makeover As Athletes Avoid Scandal Traps

10 hours ago
Best Altcoins to Buy After US Senate Confirms Tokenized Stocks Are Still Securities

Best Altcoins to Buy After US Senate Confirms Tokenized Stocks Are Still Securities

14 hours ago
Best Crypto to Buy as Banking Giants Now Predict at Least Two Rate Cuts in 2025

Best Crypto to Buy as Banking Giants Now Predict at Least Two Rate Cuts in 2025

14 hours ago
Pepenode presale reaches $800k allows users to mine meme coins

Pepenode’s Presale Reaches $800K As It Allows Users to Create Virtual Crypto Mining Rigs

20 hours ago
Crypto

Crypto Boom Soon? Major Banks Predict At Least 2 Rate Cuts After Weak Labor Data

1 day ago
Trump Media

Trump Media Invest $105M In CRO Following Crypto.Com Treasury Agreement

1 day ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    1 day ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    1 day ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    2 days ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    2 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.