Iran Imports $10 Million Worth of Goods in Cryptocurrency

Iran’s Ministry of Industry, Mine, and Trade facilitated the nation’s first cryptocurrency import.

Iran, one of the leading economies in the Middle East, reportedly made its first import order using digital assets. Earlier this week, the initiative included goods worth $10 million.

  • According to Reuters, Iran’s Ministry of Industry, Mine, and Trade has approved the first official order for importing items where cryptocurrencies are used. Deputy Minister Alireza Peymanpak stated:

“The first official import order registration worth $10 million was successfully completed using cryptocurrency this week.” 

  • In addition, the politician stated that digital assets and smart contracts will be widely used in foreign trade in the coming months. 
  • The Central Bank of Iran (CBI) authorized banks, currency exchanges, and licensed miners to settle imports in cryptocurrencies last year. 
  • Despite this, the Iranian authorities have recently been unkind to the industry, particularly the mining sector. 
  • To ensure the stability of its electricity network during the peak summer season, the government banned all bitcoin mining operations for four months in the spring of 2021. 
  • A month later, law enforcement agents raided an abandoned factory in Tehran and seized 7,000 Bitcoin mining machines.
  • Crypto mining operations were again suspended last December by the Iranian government due to winter electricity blackouts.
  • The authorities warned earlier this year they might increase sanctions against illegal BTC miners. Operators who use energy intended for businesses and households could face jail time.

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