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.
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