Stuck by decades of economic sanctions, Iran has placed its first international import order using $10 million worth of cryptocurrencies, according to a senior state trade official. Iran’s Deputy Minister of Industry, Mining and Commerce Alireza Peyman-Pak announced on social media that the Islamic republic has placed its first import order in crypto. While the official did not share any details about the cryptocurrencies used or imported goods, he explained that the $10 million order is the first of international trades in crypto and they plan to increase the number of such trades in the coming months:
“Cryptocurrencies and smart contracts will be widely used in foreign trade with target countries until the end of September.”
Until February of this year, Iran was the most sanctioned country in the world. According to Trading Economics data, the country mostly imports from China, United Arab Emirates, India and Turkey. Now, this position has been taken by Russia, which occupied Ukraine. The Islamic country began adopting cryptocurrencies as early as 2017. The country, which regulated an old law in October 2021, started to use cryptocurrencies for imports.
In June 2021, the Iranian Ministry of Commerce granted 30 operating licenses to up to 30 Iranian miners to mine cryptocurrencies and then sell them to the central bank. Iran is currently using these cryptocurrencies for imports. The country said in February that a Hyperledger Fabric-based central bank digital currency was also under consideration to improve its current financial infrastructure.
