Iran has been subjected to economic sanctions for decades; however, according to a senior official of the government trade, the country has successfully completed its initial international import of up to ten million dollars using cryptocurrency. This was accomplished despite the fact that Iran has been under these sanctions. On August 9th, the Iranian Deputy Minister of Industry, Mine, and Trade, Alireza Peyman-Pak, shared the news of the country’s earliest import order using cryptocurrency through a post on the social media platform Twitter. This was the first time the country had ever used cryptocurrency to pay for an import order.
Iran Acquires Imports Using $10 Million in Crypto
Peyam-Pak did not disclose any information about the crypto utilization or the imported products that were involved with this import; however, he did mention that the respective order of up to $10 million indicates the initial of several trades that are done on an international level having their settlement in crypto. Peyam-Pak did not disclose any information about the crypto utilization or the imported products that were involved with this import. He added that this will support the country’s strategy to increase this trade in the following month
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According to him, in the month of September this coming, there will be a significant rise in the utilization of smart contracts and cryptocurrencies in the field of international trade with the countries that have been chosen. Iran was considered to be one of the sanctioned nations across the globe up until the month of February 2022. According to Trading Economics, the United Arab Emirates, Turkey, India, and China were responsible for the vast majority of the country’s imports.
After starting a war with Ukraine in the first part of this year, Russia has been given priority status among the countries that are subject to sanctions, and as a result, it currently holds the top spot. Since 2017, the predominantly Islamic nation has been working toward getting ready for the introduction of cryptocurrencies. Iran revised previously issued legislation in October of the year 2020 to make it possible to use cryptocurrencies as a form of funding in exchange for imported goods.
The use of cryptocurrencies and smart contracts is going to get more widespread in international markets thanks to Iranian efforts.
In June of the previous year, the Iranian Ministry of Trade distributed thirty operating licenses to Iranian miners so that they could begin the process of mining cryptocurrencies, which must subsequently be traded to the Iranian Central Bank. At this time, the nation is making payments for imports using tokens that have been obtained through mining.
In addition, the nation is moving toward a central bank digital currency (CBDC) in February of this year, which will be operated on top of the Hyperledger Fabric protocol. This is being done in order to make improvements to the country’s existing financial infrastructure. These kinds of initiatives from countries like Iran are providing support to the cryptocurrency industry as a whole while the cryptocurrency market continues its current downward trend.