Iran makes multi-million dollar import order using cryptocurrency


According to Reuters, it is being reported this morning that the country of Iran has made its first import order using cryptocurrency. The order, which is said to be worth $10 million, is for undisclosed goods and it isn't clear specifically which cryptocurrency has been used.

Tasnim, the Iranian news agency, is credited as the source for the news of multi-million order. They quote official Alireza Peymanpak from the Ministry of Industry, Mine & Trade: "This week, the first official import order registration worth 10 million dollars was successfully completed using cryptocurrency. By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries."

Iran is no stranger to cryptocurrencies. In 2018, the country officially recognized crypto mining as an industry. The country sought to use cryptocurrencies as a means of skirting economic sanctions imposed by other countries. In 2021, about 45,000 Bitcoin miners were seized in Tehran that were allegedly illegally running off of subsidized electricity.

I was unable to verify the source of this story via a simple search of the Tasnim website. It could be that an English version has yet to be posted.

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I am curious as to which crypto was used for the import transaction. In July 2021, Iran had sought to regulate the use of cryptocurrencies. Lawmakers had proposed a bill which would prohibit the use of cryptocurrencies as a means of domestic payment inside the country, except for an Iranian national cryptocurrency. As of January 2022, Iran's CBDC (Central Bank Digital Currency) was still yet to be rolled out in its pilot phase.

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