Iran uses cryptocurrencies in imports for 1st time| MENAFN.COM

Saturday, 01 October 2022 04:20 GMT

Iran uses cryptocurrencies in imports for 1st time


(MENAFN) Iran has made its first official import instruction using cryptocurrency this week, on the words of the nation’s Trade Promotion Organization (TPO) on social media, according to IRIB.

“This week, the first official import order valued at 10 million dollars was successfully registered using cryptocurrencies,” Alireza Peyman-Pak shared a tweet on his Twitter account on Tuesday.

As said by the official, by the end of the first half of the recent Iranian calendar year (September 22), the use of cryptocurrencies and smart contracts in external trade with target nations is going to become extensive, but did not state which cryptocurrency was used in the deal.

This decision might enable the Islamic Republic to get around U.S. restrictions that have caused some issues for the nation’s economic trades.

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