The Government of Iran Plans the Use of Crypto in Foreign Trade

The Government of Iran Plans the Use of Crypto in Foreign Trade

The Government of Iran is planning to use crypto to pay for imports. "By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries," a Government official said. The Imports Association of Iran has pressed the need for a stable regulatory framework for cryptocurrencies now that the Iranian government is officially using crypto to pay for imports.

Iranian Association Calls for Stable Crypto Regulation

The local media reported that Alireza Managhebi, the Chairman of Iran’s Importers Group and Representatives of Foreign Companies, voiced concerns about the crypto regulation on Saturday.

He said that a stable regulatory framework for cryptocurrencies should be established for them to be successfully used as a means of payment for imports. Citing that crypto can be a useful means of payment under the right regulatory infrastructure, Managhebi said "our main and most important concern is that this new method cannot be exploited by some people."

"The main question is whether the Iranian government has provided fixed rules for the use of cryptocurrencies that will not change for several months, and in the meantime, businesses active in this digital field will not be harmed," he detailed.

Managhebi noted that the Government of Iran recently announced the official use of cryptocurrency to pay for imports. However, he said the dollar dominance in Iran may not cease soon. Both the dollar and cryptocurrency have their places in the Iranian market. The association official opined:

"It is necessary to educate and train people to use this new technology in Iran as well as have stable regulations in this regard."

Earlier this month, Alireza Peymanpak, Vice Minister of Iran’s Ministry of Industry, Mine, and Trade and President of the Trade Promotion Organization (TPO), said the first official import order was successfully placed with cryptocurrency. "By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries," he added.