Iran Confirms Its First Cryptocurrency-Based Import Order

• Iran Imports goods worth $10 Million in Cryptocurrency.
• Smart contracts and digital assets will be widely utilized in international trade.

According to recent reports, the Middle East country, Iran placed its first import order using cryptocurrencies, which includes products worth $10 million. Iran’s Ministry of Industry, Mine, and Trade granted the first formal order for importing goods into the nation by utilizing digital assets transactions. 

Deputy Minister, Alireza Peymanpak tweeted:

This week, the first official import order registration worth 10 million dollars was completed using cryptocurrency. By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.

Iran Welcomes Crypto

For more than a year, Iran has been debating whether to allow the use of cryptocurrency to pay for imports. In the previous year, the Central Bank of Iran (CBI) stated that banks and authorized currency exchangers could use cryptocurrencies extracted in Iran by authorized crypto miners to pay for imports.

Additionally, In 2019, the Iranian government authorized cryptocurrency mining as an industry. The government also granted nearly a thousand licenses for Bitcoin mining operations in January 2020.

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