Against the backdrop of brutal economic sanctions, Iran has placed its first import order using crypto. A government official revealed the order was placed this week, worth $10 million.
Struggling through decades of economic sanctions, Iran has placed its first international import order using $10 million worth of cryptocurrency, according to a senior government trade official.by Iran’s Deputy Minister of Industry, Mine & Trade Alireza Peyman-Pak in a Twitter post on Aug. 9.
While the official did not disclose any details about the cryptocurrency used or the imported goods involved, Peyman-Pak said that the $10 million order represents the first of many international trades to be settled with crypto, with plans to ramp this up over the next month, noting: "By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries."of its imports from China, the United Arab Emirates , India, and Turkey, according to Trading Economics.in the world following its invasion of Ukraine earlier this year.. In October 2020, it amended previously issued legislation to allow cryptocurrency to be used for funding imports.
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