Iran has placed its first official import order worth $10 million using cryptocurrency, according to a government official. crypto
“By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added.Iran placed its first official import order for $10 million worth of goods in cryptocurrency this week.
This week, the first official import order was successfully placed with cryptocurrency worth 10 million dollars. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” his tweet further reads.Iran has been contemplating allowing the use of cryptocurrencies to pay for imports for over a year. The Central Bank of Iran in August last year that banks and licensed currency exchangers can use cryptocurrency mined by licensed crypto miners in Iran to pay for imports.
The Iranian government approved cryptocurrency mining as an industry in 2019. In January 2020, the Ministry of Industry, Mine, and Trade issued over 1,000 licenses for cryptocurrency mining operations. However, Iranian authorities said that some unauthorized miners are using household electricity for cryptocurrency mining, resulting in major issues for the country’s electricity industry. Licensed crypto miners were ordered to halt operations to prevent blackouts several times.
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