Iran To Permit Crypto Payments for International Trade
Iran's local media platform - Mehr News, reports that the country will accept digital currency payments for international trade. According to the report, the Central Bank of Iran (CBI) and the ministry of trade have agreed to connect the CBI's payment network to a trading platform for business settlements via these currencies.
The US crypto and bitcoin investor - Cameron Howard Winklevoss, in 2020, tweeted a response to the Iranian govt's plan, highlighting flaws in the oil market, and Bitcoin is the best choice for investment. On 2020 March amid Black Thursday, though the digital currency did take a hit with the remaining S&P 500, the original crypto made a strong recovery. According to CoinGecko, Bitcoin's price during that year was $11,527.99.
Per the report, Iran's deputy minister of Industry, Mine and Trade - Alireza Peyman-Pak, has sanctioned the approach, stating that the system is billed to be finalized in the next 2 weeks. While many refused to understand crypto validity for numerous facts, mainly their mining energy consumption and volatility, Peyman-Pak supported those watchdogs that must not ignore the venture and financial merits the nascent asset class presented.
Though the reason behind the acceptance of cryptos by the country is unknown, the news is certainly a bullish one for Iran, whose mining industry is currently going through a temporary strain.