Iran joins El Salvador in the adoption of cryptocurrency as a medium of payment -By Emmanuel Dynamic

The adoption of cryptocurrency as a medium of exchange as continually gain momentum in the global space. It would be recalled that it was El Salvador that fifrs made Bitcoin a legal tender and after that action, a lot of country are beginning to toe that part and following that step is Iran.
Iran has now joined the ranks of countries allowing crypto payments for residents. One of the building blocks behind cryptocurrencies was for them to be used as a method of payment but there is still a lot of hurdles to this.

The approval is coming after Iranian Central Bank, alongside its Ministry of Industry, Mine and Trade, recently approved the use of crypto payments for merchants in the country. The decision comes after a meeting between the bank and the ministry which allowed local merchants to settle trade transactions using crypto.

1. The two firms, the ministry and the bank, felt it was imperative to do this. Meanwhile, the mechanism was finalized as a way to help merchants carry out foreign trade settlements and circumvent the sanctions imposed against the country in 2012, which has now spanned almost a decade. So as a result of this positive action, this implies that crypto, merchants and businesses will be able to carry out trade with their foreign counterparts without having to worry about the sanction.
   Iran whose relationship with crypto has been shaky at best had turned to cryptocurrency, which provides a much better option for foreign deal settlements for importers and exporters to carry out trade.

Emmanuel Dynamic