Iran Embraces Crypto Payments For International Trade

It seems very likely that Iran is planning to make widespread use of cryptocurrencies as a means of payment in international trade. Recently, the country made the first transaction for goods imported worth around $10 million in the form of crypto. A government official stated that this was only the beginning.

Pay with cryptocurrencies

The details of the transaction were announced by the Iranian Ministry of Industry, Trade and Mining and published by the local news platform Tasnim Agency. Also left a senior Iranian officialAlireza Peyman-Pak, spoke on Twitter about the special transaction.

“This week, the first official import order registration worth $10 million was successfully completed using cryptocurrency.”

However, according to Peyman-Pak, this is only the beginning of an adoption of cryptocurrencies by the trading industry in Iran. He expects that by September the use of cryptocurrencies and smart contracts will be the order of the day in international trade.

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

Iran and crypto

It is not the first time that the Iranian government has plans to embrace the crypto industry in the country. It was a little over a year ago mine of crypto was still banned in Iran, but that ban was canceled in 2021. In fact, the government there licensed about 30 mining companies to operate in Iran.

The fact that international trade now has government approval to pay with cryptocurrencies is another big step towards deep cryptocurrency adoption.

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In 2021, an Iranian government agency published a report stating that they could use cryptocurrencies to evade Western sanctions. Iran, like Russia, is the target of a lavish package of economic sanctions.

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