Iran makes $10M import with crypto, plans 'widespread' use by end of Sept
Prolonged economic sanctions against the Islamic state have forced Iran to start using crypto as a medium of exchange for international trade deals. Struggling through decades of economic sanctions, Iran has placed its first international import order using $10 million worth of cryptocurrency, according to a senior government trade official. News that the Islamic republic placed its first import order using crypto was shared by Iran’s Deputy Minister of Industry, Mine & Trade Alireza Peyman-Pak in a Twitter post on Aug. 9.While the official did not disclose any details about the....
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Iran has placed its first official import order using cryptocurrency worth $10 million, according to a government official. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added. Iran Uses Crypto to Place Import Order Iran placed its first official import order for $10 million worth of goods in cryptocurrency this week. Alireza Peymanpak, vice minister of Iran’s Ministry of Industry, Mine and Trade and president of the country’s Trade Promotion Organization (TPO),....
Iran recorded its first formal order for the import of goods valued at $10 million and paid for in cryptocurrency, marking a historic defining moment in the usage of cryptocurrencies. The Ministry of Industry, Mine and Trade says the country intends to employ cryptocurrencies extensively in its international trade with target countries, according to a […]
Iran has updated its rules on officially mined cryptocurrencies like bitcoin so they can be used more widely for import payments.
Iran’s association of importers have now called for regulatory framework for cryptocurrency. This is after the Iranian government has officially used crypto to pay for the imports. In order to continue paying for imports with digital asset a regulation needs to mandated. The head of Iran’s Importers Group and Representatives of Foreign Companies (Import Association) […]
Iran’s Trade Ministry has approved the use of cryptocurrency payments for imports in a bid to bolster trade in the country. Iran’s Industry, Mines and Trade Ministry has approved the use of cryptocurrency for imports into the country amid ongoing international trade sanctions.According to local news reports, Trade Minister Reza Fatemi Amin confirmed that detailed regulations have been approved outlining the use of cryptocurrencies for trade and supplying fuel and electricity to Bitcoin (BTC) and crypto miners in the country.Amin outlined the regulatory change at an automotive industry....