Iran will allow companies to use bitcoin for international payments

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The Iranian authorities have given the go-ahead for companies in that country to make international payments with bitcoin (BTC) and other cryptocurrencies.

The Central Bank of Iran and the Ministry of Industries reached an agreement to integrate a cryptocurrency platform belonging to the financial body with the Comprehensive Trade System, a mechanism that aims to facilitate business processes for Iranian merchants and entrepreneurs.

In that sense, Peyman Pak, a government spokesman, said that they are making adjustments for the operation of the system with cryptocurrencies. However, he did not offer details of when they will start this new plan.

“This should provide new opportunities for importers and exporters to use cryptocurrencies in their international deals,” Pak told a local news agency.

This announcement from Iran can be interpreted as a new door that they open for use cryptocurrencies like bitcoin and thus evade the economic sanctions imposed by the United States government.

Now both entrepreneurs and commercial banks will be able to do business with international partners using bitcoin.

In 2021, Iran gave a similar permission, but directed to commercial banks and foreign exchange houses to process import payments with bitcoin, as reported by CriptoNoticias.

On that occasion, the authorities indicated that the institutions should only handle cryptocurrencies extracted by miners legally established in the country. Likewise, the bank would finance imports with cryptocurrencies, but forcing local miners to sell their bitcoins.

Bitcoin mining is legal but unstable in Iran

While Bitcoin mining in Iran is authorized by the authorities, the operation of that industry appears to be intended to depend on the seasons of the year.

In fact, Bitcoin mining farm operations are currently on hold for the winter. According to the government, mining activity has caused power outages, preventing heating.

The same thing happened last year, but this time it was for the summer. In May 2021, they restricted Bitcoin mining operations, due to the increase in energy consumption that occurs during that season, since high temperatures increase the use of air conditioners.

Something similar could be seen recently in countries like Kosovo and Argentina. In both countries, the energy problems are attributed to Bitcoin mining and not, for example, to the possible lack of investment by the authorities.

Source » cvbj

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