Tejarat Bank’s chief executive has called for Iranian banks and payment service providers to prepare the grounds for using Bitcoin in the country.

Speaking at a meeting on crypto-currencies, Mohammad Ibrahim Moqaddam noted that embracing new technologies would help promote the financial sector, as “hesitation is not the proper response”, Banker.ir reported on Wednesday.

Bankers had similar concerns in the past before using innovative technologies that are commonly used now, he added.

Moqaddam noted that the development of efficient tools for supervising online transactions would help prevent criminal behavior, adding that by taking such measures Iranian businesses would access modern financial services.

Currently, Iran has no specific regulation on crypto-currencies. However, a number of online exchange websites (licensed by e-commerce sector’s regulatory body) buy and sell Bitcoin.