Iran makes $10m import order using cryptocurrency

Iran has made its first official import order this week using cryptocurrencies, according to the semi-official Tasnim agency.

The order, worth $10m is a step toward the country trading through digital assets, thus circumventing US sanctions, which make the import and export of goods and services in the country difficult.

The US enforcement of an economic embargo prohibits transactions in the banking, shipping and oil sectors, a move that has caused crippling financial difficulties for the country.

However, cryptocurrency mining has eased the effects of the sanctions and helped the Iranian economy stay afloat.

Last year, a study found that 4.5% of Bitcoin (BTC) mining was occurring in Iran due to its cheap electricity, (which came under stress from China’s announcement to suspend all mining operations, causing Iran to then become the next stop for many crypto mining companies).

Although Tasnim has not yet specified which cryptocurrency it used for the import, an official from the Ministry of Industry, Mine and Trade tweeted “By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”

You can use your crypto recreationally at trusted sites such as 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 08/09/2022 — 20:00