Iran adopts crypto in foreign trade, debuts with $10 million import order


Share:
  • Head of the trade development organization announced Iran officially paid for an import order with $10 million worth of cryptocurrencies. 
  • Iran plans to adopt crypto and smart contracts in its foreign trade with target countries. 
  • By the end of September, Iran plans to use smart contracts and cryptocurrencies in foreign trade with target countries. 

In a watershed moment for crypto adoption, Iran registered its first official order for importing $10 million worth of goods paid for in cryptocurrencies. A private Iranian news agency reported that the Ministry of Industry, Mine and Trade has plans to widely use cryptocurrency in foreign trade with target countries. 

Also read: Here’s what to expect from Bitcoin, Ethereum price as Thailand tightens regulation

Iran pays for its first official import order with $10 million in crypto

Iran’s move to pay for its $10 million import order through cryptocurrencies has raised concerns of evading sanctions. While Iran’s move is a watershed moment for crypto adoption, the country is subject to almost complete economic embargo by the United States. The Department of State’s Office of Economic Sanctions Policy and Implementation is responsible for enforcing and implementing these sanctions.

Iran is driving the adoption of crypto by paying for imported goods in digital assets. The Ministry of Industry, Mine and Trade is prepared to pay for imported goods using cryptocurrencies, and this has increased uncertainty amidst economic sanctions imposed on the country. 

The US Treasury Department’s Office of Foreign Assets Control sanctioned the token mixing platform Tornado Cash for money laundering violations. Iran, which has tightened its grip on miners in its country, is, however, prepared to pay for imports in crypto, from targeted countries. 

The semi-official Tasnim news agency reported that Iran has registered its first official order for importing $10 million worth of goods in cryptocurrency this week. Alireza Peymanpak, Head of Iran's Trade Promotion Organization (TPO) was quoted as saying,

This week, the first official import order registration worth 10 million dollars was successfully completed using cryptocurrency. By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin price rally not likely over as institutions deplete BTC OTC supply

Bitcoin (BTC) price could cover more ground north as the BTC wells among over-the-counter (OTC) desks run dry. This is likely to see institutions look to public exchanges, with the resulting buying pressure likely to provide tailwinds for the pioneer cryptocurrency. 

More Bitcoin News

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

SEC approval of spot BTC ETFs was Bitcoin IPO, says expert

Bitcoin (BTC) price exploded to an intraday high of $64,000 on Wednesday before a quick retraction. Reports circulated that over-the-counter (OTC) BTC supplies depleted, which could compel institutions to switch to public exchanges as an alternative source of Bitcoin.

More SEC News

Coinbase exchange notes progress amid ongoing downtime

Coinbase exchange notes progress amid ongoing downtime

Coinbase has issued an update concerning the crash, indicating, "We’re beginning to see improvement in customer trading." However. The US-based exchange acknowledges that because of increased traffic, some customers may still see errors when trying to log in to their accounts or execute transactions, but holds, "Rest assured your funds are safe."

More Coinbase News

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin shatters $63,000 as Jim Cramer posses a rhetoric on BTC value for mankind

Bitcoin (BTC) price has shattered past the $63,000 threshold, with the bulls not showing any signs of stopping. The upside potential remains alive, with BTC now eyeing $65,000.

More Bitcoin News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP