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Sunday, November 27, 2022

Iran Recently Made A $10 Million Import With Cryptocurrency

After going through several decades of economic sanctions, Iran has finally placed its first order for international imports using the $10 million worth of cryptocurrency it currently has in store. This was reported by a senior government trade official recently. This news of the Islamic republic placing its first import order through cryptocurrency was uploaded by the Deputy Minister of Industry, Mine and Trade Alireza Peyman-Pak in a Twitter post on Tuesday.

Although the official did not really bring forward any of the details about the cryptocurrency that was used or the imported goods that were involved, the Minister did mention that the $10 million order readily represented the first of several international trades that the country would be settling through crypto- with multiple plans of ramping this up in the next month.

Iran Has Been Able To Place Its First Import Through Crypto 

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Up until February, Iran was the country with the most sanctions imposed upon them. Interestingly, according to Trading Economics, this landlocked country gets most of its imports from the United Arab Emirates, China, Turkey, and India. However, ever since the invasion of Ukraine, Russia has been the most sanctioned nation in the world.

Back in 2017, the Islamic nation had been placed perfectly to start embracing cryptocurrencies. But in 2020, the country went on to amend its previously issued legislation that would allow cryptocurrency to be used for funding most imports. In the June of 2021, the Iranian Trade Ministry then issued 30 operating licenses to the miners in the country to start mining the cryptocurrency, which was then sold to the central bank of the country. 

In February 2022, Iran had also been searching for a central bank digital currency that was built on the protocol of the Hyperledger Fabric- which would be a method to improve the existing financial infrastructure of the place.

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