Cryptos to Be Used for Imports: TPO

EghtesadOnline: There may be restrictions for using cryptos when dealing with some countries like Iraq, Afghanistan and Pakistan. However, the digital currency can help Iran in export destinations where crypto is used such as China, India and Russia.

News ID: ۷۵۲۴۶۹

01 May 2023

Iran's Trade Promotion Organization (TPO) says the country will soon start using cryptocurrency to pay for imports.

Alireza Peymanpak, the TPO chief, said that the Central Bank of Iran has issued permission for using cryptos for importing goods. "The final decision will be taken by the Economy Ministry," IBENA quoted him as saying on Sunday.

According to Paymanpak, a specialized platform is in place to connect businesses in Iran to foreign suppliers. "Businesses can use the platform to transfer cryptocurrency to settle import bills."

"A platform was necessary to facilitate money transfers by supplying exporters with cryptocurrency. The platform is also linked to the Comprehensive Trade System and CBI's Currency Allocation Platform."