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Extended economic sanctions against the Islamic Republic have compelled Iran to begin embracing cryptocurrencies as a form of currency for international commercial transactions.
According to a top government trade official, Iran has placed its first international import order using $10 million worth of cryptocurrencies, despite decades of economic restrictions.
Iran's Deputy Minister of Industry, Mines, and Trade, Alireza Peyman-Pak, said through Twitter on Tuesday that the Islamic Republic placed its first import order using cryptocurrency.
While the official did not provide information about the cryptocurrency used or the imported products involved, Peyman-Pak stated that the $10 million order is the first of many international deals that would be completed using cryptocurrencies, with intentions to increase this over the following month.
“By the end of September, cryptocurrencies and smart contracts will be widely employed in international commerce with target nations.”
Before February of this year, Iran was the most sanctioned country in the world. According to Trading Economics, most of Iran’s imports come from China, the United Arab Emirates (UAE), India, and Turkey.
As a result of its invasion of Ukraine earlier this year, Russia is now the nation with the most sanctions in the world.
The Islamic nation is poised to adopt cryptocurrency by 2017 at the earliest. In October 2020, it updated legislation to permit the use of cryptocurrencies for import financing.
The Iranian Ministry of Trade gave 30 operational licenses to Iranian miners in June 2021 to mine cryptocurrencies, which must subsequently be sold to Iran’s national bank. Iran is now utilizing these minted currencies to pay for imports.
Iran considered a central bank digital currency (CBDC) based on the Hyperledger Fabric protocol in February to enhance its existing financial infrastructure.
