Iran reportedly in talks with eight countries on using cryptocurrency as payment

30 Jan, 2019 | Updated: 30 Jan, 2019
by Richard Allen
News
Iran reportedly in talks with eight countries on using cryptocurrency as payment

Iran is reportedly in talks with eight countries regarding the use of cryptocurrencies as a means of payment, Tehran Times reports.

Representatives from Switzerland, South Africa, France, England, Russia, Austria, Germany and Bosnia have visited Iran to discuss the issue.

The article doesn’t clarify whether the cryptocurrency refers to the one Iran is set to launch soon, but it does state that the use of cryptocurrencies will be used as a means to circumvent US sanctions.

Recap: Iran close to launching state-backed cryptocurrency

“Starting a new chapter in its international monetary transactions to circumvent U.S.-led sanctions, Iran is in negotiating the use of cryptocurrency in its financial transactions with eight countries,” the acting head of Iran's Trade Promotion Organization said.

While the country is gearing up to launch its own cryptocurrency, Chepicap recently reported that Iran intends to prohibit the use of unapproved cryptocurrencies for payment. As of yet, there are no clarification on which currencies will be approved or unapproved.

Read more: These are the 3 coins to watch for February - Cryptocurrency

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Read more about: Iran

Poll

Should Iran use crypto to evade sanctions?

(15 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage