Iran Imports $10M Using Crypto And Intends To Use It Widely

Iran has made its first international import order worth $10 million in cryptocurrencies, according to a top government trade official, despite being subject to decades of economic restrictions.

Alireza Peyman-Pak, Iran’s deputy minister of industry, mine, and trade, announced on Tuesday that the Islamic Republic has placed its first import order using cryptocurrency.

Peyman-Pak stated that the $10 million order represents the first of many international trades to be settled with cryptocurrency, with plans to ramp this up over the following month, even though the official withheld any information regarding the cryptocurrency used or the imported goods involved. He noted:

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”

Iran imports the majority of its goods from China

Iran was the nation with the highest sanctions up until February of this year. According to Trading Economics, Irain imports the majority of its goods from China, the United Arab Emirates (UAE), India, and Turkey.

However, as a result of its invasion of Ukraine earlier this year, Russia now has the title of most-sanctioned country in the world.

The Islamic country is ready to accept cryptocurrency as early as 2017. It revised previously published regulations to permit cryptocurrencies to be used for funding imports in October 2020.

Iranian miners received 30 operating licenses from the Trade Ministry in June 2021 to mine cryptocurrencies, which must subsequently be sold to Iran’s national bank. Iran is currently paying import bills with the currencies it created.

Iran was also considering a central bank digital currency (CBDC) based on the Hyperledger Fabric protocol in February as a way to upgrade its current financial system.

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