Home News Iran plans to start using cryptocurrencies in commodity exchange with Russia

Iran plans to start using cryptocurrencies in commodity exchange with Russia

Iran considers cryptocurrencies as a prospective means of combating the country’s dependence on the U.S. dollar and replacing SWIFT system, as stated by the Head of Economic Affairs Committee at Islamic Parliament of Iran Mohammad Reza Pour Ebrahimi who is now on an official visit to Moscow.

“The important issue of the use of cryptocurrencies has been raised over the last year or two. This is one of the good ways of circumventing the use of the dollar, as well as a possible means of the SWIFT system replacement. We enjoined the Central Bank in Iran to start elaborating the proposals that would involve the use of cryptocurrencies,” – he mentioned at the meeting with the Chair of the Federation Council Committee on Economic Policy Dmitry Mezentsev.

According to Pour Ebrahimi, the State Duma Committee on Economic Policy also sided with his view.

“We said that we will be the first countries to use cryptocurrencies in commodity exchange, should we succeed in taking this work forward,” – the Iranian official noted.

He also mentioned the increase of interaction of the Russian “Mir” and the Iranian “Shetab” payment systems as another promising avenue for cooperation. According to Mezentsev, the latter issue will be discussed in detail in Tehran on July 5.

Earlier this month, the Iranian Minister of Information and Communications Technology Mohammad-Javad Azari Jahromi announced the oncoming test launch of the country’s domestic cryptocurrency. This was preceded, however, by the Central Bank of Iran banning all cryptocurrency dealings in the country on the pretext of combating money laundering.