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Iran uses cryptocurrency as payment to import goods

Iran placed its first formal order to import commodities totalling $10 million, which were paid using cryptocurrencies.

Alireza Peyman-Pak, the head of Iran’s Trade Promotion Organization (TPO), wrote on Twitter, “This week, the first official import order registration worth 10 million dollars was completed using cryptocurrency.”

The Official also anticipates that by the end of September, International trade with the countries targeted by the programme would heavily utilise cryptocurrency and smart contracts.

Crypto acceptance

Initially, Iran’s stance on the acceptance of cryptocurrency was negative.

In the wake of the country’s decision in May 2021 to prohibit the mining of Bitcoins due to concerns surrounding energy use, Iranian police confiscated over 7000 computers being used for mining cryptocurrencies.

However, a little while later, the Iranian government issued permits to 30 crypto mining firms, thereby softening its stance on cryptocurrency.

Interestingly, in a thorough analysis published in March 2021, the Iranian Presidential Center for Strategic Studies urged the nation to adopt cryptocurrency mining to bypass international sanctions.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.