Iran adopts crypto in foreign trade, debuts with $10 million import order
- 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.
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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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
