Iran Makes The First $10M Import With Crypto, More To Come

Iran makes the first $10 million import using cryptocurrency, a top official says that widespread use of crypto will come by the end of September.

Iran has been compelled to start adopting cryptocurrency as a means of exchange for international trade agreements as a result of ongoing economic restrictions against the Islamic regime.

Iran Makes The First $10M Import With Crypto

Iran has made its first international import order worth $10 million in cryptocurrencies, according to a top government trade official, despite being subject to decades of economic restrictions.

Alireza Peyman-Pak, Iran’s deputy minister of industry, mine, and trade announced on Twitter on August 9 that the Islamic Republic has placed its first import order using cryptocurrency.

Peyman-Pak stated that the $10 million order represents the first of many international trades to be settled with cryptocurrency, with plans to ramp this up over the following month, even though the official withheld any information regarding the cryptocurrency used or the imported goods involved. He noted:

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”

Most Sanctioned Nation No Longer?

Iran was the nation with the highest sanctions up until February of this year. According to Trading Economics, Iran imports the majority of its goods from China, the United Arab Emirates (UAE), India, and Turkey.

However, as a result of its invasion of Ukraine earlier this year, Russia now has the title of the most-sanctioned country in the world.

The Islamic country started preparing for the adoption of cryptocurrencies in 2017. It revised previously published regulations to permit cryptocurrencies to be used for funding imports in October 2020.

Iranian miners received 30 operating licenses from the Iranian Trade Ministry in June 2021 to mine cryptocurrencies, which must subsequently be sold to Iran’s national bank. Iran is currently paying import bills with the currencies it created.

Iran was also considering a central bank digital currency (CBDC) based on the Hyperledger Fabric protocol in February as a way to upgrade its current financial system.

Brief Overview of Hyperledger Foundation

The Hyperledger Foundation is an open-source organization dedicated to creating a collection of reliable frameworks, tools, and libraries for blockchain implementations at the corporate level. Leaders in the fields of finance, banking, the Internet of Things, supply chains, manufacturing, and technology are part of this international partnership, which is being sponsored by The Linux Foundation.

Individual developers, service and solution providers, government associations, corporate members, and end users are all invited to join in the creation and marketing of these paradigm-shifting technologies since they are built under technical governance and open cooperation.

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