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Iran makes the first-ever import of goods using cryptocurrency worth millions

Iran makes the first-ever import of goods using cryptocurrency worth millions
Jordan
Major
2 months ago
2 mins read

This week, Iran registered its first official order for the importation of goods worth a total of $10 million paid for in cryptocurrency.

Indeed, an official from Iran’s Ministry of Industry, Mine, and Trade, disclosed the information according to a report that was published on Tuesday, August 9 by the Iranian news outlet Tasnim agency.

Head of Iran’s Trade Promotion Organization (TPO) Alireza Peyman-Pak stated on Twitter:

“This week, the first official import order registration worth 10 million dollars was successfully completed using cryptocurrency.”

The official also made the announcement that he anticipates that by the end of September, the usage of cryptocurrencies and smart contracts would be extensively employed in international commerce with the nations that are the focus of the initiative.

He added: 

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.” 

Iranian government softens its stance on crypto

It’s worth mentioning last year Finbold reported, the Iranian government issued permits to 30 crypto mining farms as the Iranian government appeared to soften its stance on cryptocurrency mining.

The approval at that came a little over a week after Iranian police confiscated over 7,000 computers used for mining cryptocurrencies from a facility in the capital city of Tehran. This came as a result of the country’s decision in May 2021 to prohibit the mining of Bitcoins due to concerns surrounding energy use. 

Notably, Iran was experiencing difficulties with power outages, which the authorities blamed on miners, energy worries began to emerge.

Interestingly, back in March 2021, the Iranian Presidential Center for Strategic Studies, in a detailed report (PDF), encouraged the country to adopt Bitcoin and other cryptocurrencies mining to bypass international sanctions.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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