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Iran makes first-ever international import with $10 million worth of crypto

After decades of economic sanctions, Iran has carried out its first international imports of up to $10 million in cryptocurrencies, according to a senior government trade official. Alireza Payman Pak, Iran’s Deputy Minister of Industry, Mines and Trade, shared the news of the country’s first import order using cryptocurrencies via a post on the social media platform Twitter on August 9. did.

Iran fetches imports for $10 million in crypto

Peyam-Pak has not disclosed any details regarding the use of cryptocurrencies or the imported products involved in this import, but each order of up to $10 million is the initial of several transactions made at the international level. said to indicate Cipher. He added that this would support the country’s strategy of boosting this trade next month.

In his words, the coming September will witness a broad expansion in the use of smart contracts and cryptocurrencies in the field of international trade with selected countries. It was considered one of the sanctioned countries in the world. The majority of the country’s imports came from the United Arab Emirates, Turkey, India, and China, as claimed by Trading Economics.

Nonetheless, Russia now ranks first among sanctioned countries after going to war with Ukraine earlier this year. Islamic State has been preparing to adopt cryptocurrencies since her 2017. In her October of 2020, Iran amended a previously released law to allow the use of cryptocurrencies for financing in exchange for imports.

Iran Expands Use of Cryptos and Smart Contracts in Foreign Markets

Iran’s Ministry of Trade issued 30 operating licenses for cryptocurrency mining to miners residing in Iran last June. The country now uses mined tokens to pay for imports.

This February, we are also moving towards a central bank digital currency (CBDC) operating on the Hyperledger Fabric protocol to improve our current financial infrastructure. Such initiatives by countries such as Iran are supporting the industry as a whole as the crypto market continues to fall.


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