Iran uses crypto to pay for its first import order| MENAFN.COM

Friday, 07 October 2022 04:12 GMT

Iran uses crypto to pay for its first import order


(MENAFN) According to the Tasnim news agency, Iran has made its first ever international import order worth $10 million. Which cryptocurrency was used in the transaction was not specified.

Iran’s Deputy Minister of Industry, Mine & Trade Alireza Peyman-Pak posted on Twitter, “By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”

As per reports, Tehran may be able to avoid US sanctions that have severely harmed the country's economy. Iran has endured years of economic hardship due to sanctions on the country's banking, shipping, and oil industries. The government changed the laws governing digital assets in 2019 to permit locally mined cryptocurrency for import payments. According to Trading Economics, Iran imports the majority of its goods from China, the United Arab Emirates, India, and Turkey.

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