Iran, Russia Discuss Using Crypto in Cross-Border Settlements

Russian and Iranian experts and representatives convened to discuss the potential uses of blockchain and cryptocurrencies, according to Bitcoin News. 

During the 15th International Financial Industry Exhibition (Finex) in Tehran, industry professionals and business leaders tackled how to use the crypto assets and blockchain between the two countries. 

The meeting was attended by Secretary of the Iran Fintech Association Mustafa Amiri and CEO of the Iran Blockchain Association, Abbas Ashtiani, and from the Russian side, Alexander Brazhnikov, the executive director of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib), and Hossein Khosropour, who heads Innovation and Investment Support at the Iranian Ministry of Information and Communications Technology. 

It is worth noting that both Iran and Russia face international sanctions and have been exploring ways to circumvent financial restrictions. Payments in national currencies between them already exceed 60% of trade transactions.

Earlier in August 2022, Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine and Trade and president of the country’s Trade Promotion Organization (TPO), announced that his country placed its first official import order for $10 million worth of goods in cryptocurrency. 

In May this year, the Iranian Trade Promotion Organization (TPO) confirmed that Iranian companies would be able to pay for imports with cryptocurrencies. Peymanpak stressed that the Central Bank of Iran (CBI) has issued permission for using cryptos in settlements for imported goods.

Meantime, Russia is a little bit late from Iran as it is still exploring ways to use crypto payments in cross-border settlements. In June, Rosbank, a Russian popular bank, became the first large Russian bank to offer clients an option to use cryptocurrencies in international settlements in line with the Russian legislation and the requirements of the Central Bank of Russia.