Iran will pay with bitcoin to other countries

28.04.2021 |

The Central Bank of Iran allowed licensed financial institutions to pay with bitcoin for international transactions. Only coins that have been mined in the country can be included in cross-border transfers. At the same time, mining companies supplying digital gold must have a license for their activities. Iran was one of the first countries where cryptocurrency mining became regulated by the licensing procedure. The regulator made the decision on licensing back in 2019.

With its decision, the central bank intends to circumvent sanctions pressure from the United States authorities. Last year, the latter decided to unilaterally terminate the agreement on the development of the Iranian nuclear industry, after which economic sanctions were introduced. This was followed by disconnection from international payment systems, in particular, from SWIFT, through which most international settlements in transactions take place.