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Iran Uses Crypto to Pay for Its International Import Order

Iran Uses Crypto to Pay for Its International Import Order

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Iran is looking for ways to get around US sanctions and it looks like crypto may be the answer.

The country has published the first international an import order of $10 million worth of cryptocurrency.

According to a tweet shared by Iran’s Deputy Minister of Industry, Mines and Trade Alireza Peyman-Pak by the end of September the country expects to incorporate the use of cryptocurrencies and smart contracts in various trade agreements.

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Tasnim news agency is also covered this news. However, neither Peyman-Pak nor the news channel has disclosed what cryptocurrency was used in these transactions or what kind of goods were purchased.

Iran has faced severe economic sanctions imposed by the United States since 1979. As arguably the world’s most powerful country, the United States has rejected Iran because of its threats to impose nuclear programs and Iran’s support for groups the United States considers terrorists.

Since then, the country has not been able to enter “a global financial system dominated by the dollar to trade with other countries”.

That’s why at the moment by For Trading Economics, Iran trades mainly with China, India, Turkey and the United Arab Emirates (UAE).

It is likely that Iran will test because of these long-term sanctions its opportunities to trade cryptocurrencieswhich cannot be monitored or censored.

Back in July, Reuters reports that Binance, one of the leading crypto exchanges, has allegedly been offers its services to Iranians despite US sanctions. This can only mean that Iranian citizens have been using cryptocurrency long before the government took action.

Iran’s crypto journey started a long time ago. In 2019, the country legalized cryptomining. Later in 2021, Iran’s Ministry of Commerce granted 30 licenses to crypto miners under the condition that all mined cryptocurrency must be sold to the Central Bank of Iran.

The country’s government imposes strict regulations on the industry. On June 21, the Iranian government announced plans to cut power to authorized crypto miners due to power outages.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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