Iran places first import order worth $10 million through crypto

Iran has placed its first official order via crypto this week, a stance that can allow the Islamic Republic to avoid U.S. sanctions that have severely damaged its economy.

What was the order about?

The order, worth $10 million, was an initial step towards enabling the nation to trade through digital assets that bypass the dollar-dominated global financial system and to trade with other nations likewise restricted by US sanctions, like Russia. The agency did not mention which crypto was used in the transaction.

Is there any official statement about the stance?

An official from the Ministry of Industry, Mine, and Trade said on Twitter that by the end of September, the utilization of smart contracts and cryptos will be widely used in foreign trade with target nations.

What is the situation between the US and Iran?

The US has imposed an almost total economic ban on Iran, incorporating a ban on all imports such as those from the nation’s banking, oil, and shipping industry.

Which are some of the economies to accept cryptocurrency?

Tehran is one of the largest economies still to accept crypto technology, incepted in 2008 as a payments tool anticipated to devour governmental control over economies and finance.

What is the state of crypto in Iran?

A study conducted in the previous year revealed that 4.5% of all bitcoin mining was taking place in Iran, partly as a result of the nation’s inexpensive electricity. The mining of crypto could aid Iran to earn hundreds of millions of dollars that can be utilized to purchase imports and reduce the impact of sanctions.

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