Iran Completes $10 Million Crypto Import, Expects 'Widespread' Use by End of September
Prolonged economic sanctions against Islamic State have forced Iran to start using crypto as a medium of exchange for trade deals international.
New
Struggling through decades of economic sanctions, Iran has placed its first international import order using $10 million worth of cryptocurrency, according to a senior government trade official.
Alireza Peyman-Pak, Iran's Deputy Minister of Industry, Mines and Trade, announced on Tuesday that the Islamic Republic had placed its first import order using crypto in a post on Twitter .
While the official did not disclose any details about the cryptocurrency used or the imported goods involved, Peyman-Pak said the $10 million order represents the first of many international trades to settle with the crypto, with plans to ramp it up the following month, noting:
"By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries."
Iran was, until February this year, the most sanctioned country in the world. According to Trading Economics, Iran derives most of its imports from China, the United Arab Emirates (UAE), India and Turkey.
However, Russia now holds the top spot as the most sanctioned nation in the world following its invasion of Ukraine earlier this year.
The Islamic nation has been positioned to embrace crypto...
Prolonged economic sanctions against Islamic State have forced Iran to start using crypto as a medium of exchange for trade deals international.
New
Struggling through decades of economic sanctions, Iran has placed its first international import order using $10 million worth of cryptocurrency, according to a senior government trade official.
Alireza Peyman-Pak, Iran's Deputy Minister of Industry, Mines and Trade, announced on Tuesday that the Islamic Republic had placed its first import order using crypto in a post on Twitter .
While the official did not disclose any details about the cryptocurrency used or the imported goods involved, Peyman-Pak said the $10 million order represents the first of many international trades to settle with the crypto, with plans to ramp it up the following month, noting:
"By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries."
Iran was, until February this year, the most sanctioned country in the world. According to Trading Economics, Iran derives most of its imports from China, the United Arab Emirates (UAE), India and Turkey.
However, Russia now holds the top spot as the most sanctioned nation in the world following its invasion of Ukraine earlier this year.
The Islamic nation has been positioned to embrace crypto...
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