Iran’s Central Bank, Ministry of Industry to Allow Crypto Payments for Foreign Trade Settlements

A mechanism will reportedly be put in place enabling local merchants to settle payments with international partners through the use of crypto

article-image

Tehran, Iran. Credit: Unsplash.

share

key takeaways

  • The Central Bank of Iran and the Country’s Ministry of Trade have reached a deal that would allow local merchants to use crypto for their international trade deals
  • The deal comes as Iran seeks out measures to circumvent decade-long US economic sanctions relating to Iran’s nuclear activity

Iran’s central bank and the country’s Ministry of Industry, Mine and Trade have agreed to a deal that will enable local merchants to begin using cryptocurrencies for foreign trade settlements, according to local media reports.

A mechanism, finalized during the first meeting of a joint foreign currency working group between the bank and the ministry, will involve linking the bank’s crypto platform with Iran’s Comprehensive Trade System, the Financial Tribune reported Monday.

The system will allow local businesses and merchants to settle payments with international partners when using crypto. Further details on when the deal would come into effect have not been provided.

The deal comes as Iran continues to explore means to circumvent economic sanctions, imposed by the US in 2012, over Iran’s nuclear activity and the international community’s concerns relating to the country’s nuclear program at the time.

Alireza Peyman-Pak, the ministry’s deputy minister and head of Iran’s Trade Promotion Organization, an affiliate of the Ministry of Commerce, made the announcement via his social media account on Friday, the Tehran Times reported the same day.

“We are finalizing a mechanism for operations of the system.” Peyman Pak said, per the Tribune’s report.

“This should provide new opportunities for importers and exporters to use cryptos in their international deals.”

Iran’s stance towards crypto has oscillated in recent years. In May of last year, Iranian authorities banned the domestic trade activity of crypto assets obtained from outside the country’s borders in an attempt to slow capital flight — viewed as depreciating the country’s currency, the rial.

That move came a month after the central bank said licensed institutions and money changers could make use of crypto mined by Iranian miners in a bid to navigate the country’s sanctions and promote economic activity.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

REPORT_Template.png

Research

The Sonic blockchain is leveraging redesigned airdrop incentives and its FeeM program to propel DeFi activity and attract institutional capital, setting the stage for ecosystem growth. Within this environment, leading protocols Shadow Exchange and Silo are poised to asymmetrically benefit due to innovative features and favorable valuations, despite facing ecosystem dependency and competitive pressures. This positions them as compelling, potentially shorter-term, investment opportunities contingent on Sonic's sustained success.

article-image

Bitcoin needs a price, but its magic runs deeper

article-image

Circle had a pretty successful first day of trading, but what’s next for the stablecoin issuer?

article-image

Solana’s USDC caught a boost after being paired with the TRUMP memecoin

article-image

The stablecoin issuer’s successful first day of trading is likely to spur more crypto IPOs, industry watchers say

article-image

Job openings rallied and continuing claims stalled ahead of May’s employment report

article-image

A group of Twitch streamers battle for bitcoin. Will their chats help them?