In a first for the country, Iran has placed its first import order using crypto. The order was placed using $10 million worth of crypto, according to Alireza Peyman-Pak, Iran’s deputy minister of Industry, Mining, and Trade.
The news was announced through a tweet.
While Peyman-Pak did not reveal details about the crypto used or the imported goods, he stated that the $10 million order is the first of many international trades to be settled with crypto. Iran plans to increase the use of cryptos and smart contracts in foreign trade with target countries.
Iran’s relationship with crypto
Iran’s step toward the use of crypto for import orders does not come as a surprise. The Islamic nation had plans to embrace cryptos as early as 2017. In 2019, the government legalized crypto mining, took action to regulate the sector strictly, and last year, it cracked down on local miners over energy use. In 2020, the government amended the country’s digital assets law to allow locally mined crypto for import payments.
In June 2021, the Iranian Trade Ministry issued 30 Iranians operating licenses to mine crypto, with the caveat that the mined coins be sold to Iran’s central bank. Iran is now using those coins to pay for imports.
That move is what has enabled Iran to become a popular destination for Bitcoin miners. The country currently accounts for 4.5% of global mining activity, according to Reuters.
FAQs
Does Iran accept cryptocurrency?
Iran has shown interest in exploring the use of crypto, including issuing its national crypto. However, the regulatory environment for crypto in Iran can be complex and subject to change.
What crypto platform does Iran use?
Iran has approved the use of crypto for various purposes, including imports, as a measure to bypass U.S. sanctions. However, there isn’t specific information on a single “crypto platform” used universally in Iran. Crypto usage in the country can involve various platforms and digital currencies.
Can Iran use a trust wallet?
Yes, individuals in Iran can use Trust Wallet. Trust Wallet is a decentralized crypto wallet that allows users to store, manage, and trade various crypto. It is not restricted based on geographic location, and people from around the world, including Iran, can use Trust Wallet to engage in decentralized finance (DeFi) activities, manage their digital assets, and interact with decentralized applications (DApps) on the blockchain.
