Hello SID,
I think that Stephen has explained it:
"...The IV can be an explicit value or a context variable containing the IV. Either way, the value must be a binary base64 encoded string. Use the Hex String to Binary Base 64 Tactical Assertion (Request from support) to convert a hex string to a binary base64 encoded string if necessary."
In other words, you would have to either use an online tool to convert the IV from binary to base64 encoded binary or the tactical assertion that Stephen specified, and then use it either explicitely (copy-paste) in the field, or create a variable of type string, copy-paste the base64 value of the IV and then reference that variable in that field.
I hope this helps
Maurizio