- Iran has placed a $10 million import order with cryptocurrency in a historic first.
- Cryptocurrency trading was prohibited within Iran’s borders in 2019.
According to Industry Mines and Trade Minister Reza Fatemi Amin, crypto may now be used in trade and imports in Iran. This green light is an attempt to sidestep the banking and financial restrictions imposed by the United States.
On Sunday, the government, according to Amin, approved the legislation enabling the use of cryptocurrencies like bitcoin and ether in place of traditional fiat currencies like the dollar and the euro. All the concerns relating to crypto-assets, including how to supply fuel and energy, and how to assign and award licenses were created, he stated.
Crypto to the Rescue
In a historic first, Iran placed a $10 million import order with cryptocurrency, earlier this month. It was a trial run for a system that would eventually let the country transact in digital assets outside the international monetary system. It helped commerce with nations that were also blocked by US sanctions.
Deputy Iranian Commerce Minister and Head of Iran’s Trade Promotion Organization, Alireza Peymanpak predicts that, By the end of September, the use of cryptocurrencies and smart contracts will be wide use in foreign trade with target countries.
Recently, the cryptocurrency market in Iran has faced some difficulties. As a result, the central bank of Iran prohibited cryptocurrency trading within its borders in 2019. Still the government granted permission to use of cryptocurrencies as a payment method for imported goods.
However, Cryptocurrency trading has become extremely popular as a result of the devaluation of the domestic currency driven by the sanctions.
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