The Iranian government makes its first payment in cryptocurrency for imports totaling $10 million.
The Iranian government is said to have recently completed its first crypto-funded import order, for the amount of $10 million, according to reports from the local media. However, the reports did not include any information on the particular cryptocurrency that would be used for the transaction.
This is another step the country is taking to trade using virtual currencies instead of the dollar-dominated global financial system, as it allows them to trade freely with other countries. This move will help the Islamic Republic to avert the crippling effects of U.S. sanctions on its economy.
Alireza Peymanpak, an official from Iran’s Ministry of Industry, Mine and Trade, stated:
“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”
این هفته، اولین ثبت سفارش رسمی واردات با #رمز_ارز به ارزشی معادل ۱۰ میلیون دلار با موفقیت صورت پذیرفت. تا پایان شهریور ماه، استفاده از رمز ارزها و قراردادهای هوشمند به صورت گسترده در تجارت خارجی با کشورهای هدف عمومیت خواهد یافت. #فصل_جدید_تجارت_خارجی
— علیرضا پیمان پاک🇮🇷 (@peymanpak_ir) August 9, 2022
In 2019, the government of Iran passed a law that made it legal to mine Bitcoin and other cryptocurrencies. Despite this, the country continued to exercise a high degree of scrutiny over the industry. The Islamic Republic was known for its stringent crypto regulation, and one example of this is how it dealt with local Bitcoin miners early last year over their energy use.
However, Iran has been gradually easing its attitude towards the crypto sector over the past year. For example, the Iranian Presidential Center for Strategic Studies advocated cryptocurrency mining in March 2021 to help the country avoid the effects of international sanctions. Crypto mining could bring in $700 million annually for the nation, while transaction fees might bring in an additional $22 million in yearly revenue.