Iran has just concluded a $10 million import, using cryptocurrencies. And the deputy minister of industry and trade confirms that the country plans to keep the momentum going. What does it use crypto assets for?
Iran confirms that it will base its imports partly on cryptocurrencies
The announcement was made by the Deputy Minister of Industry and Trade this week. Alireza Peyman Pak confirmed on Twitter that the country’s first cryptocurrency import order has been placed, amounting to $10 million.
The Central Bank of Iran gave the green light recently: local businesses will now be able to conduct international transactions using crypto-assets such as Bitcoin (BTC) as a means of settlement.
What’s more, Alireza Peyman Pak confirmed that he wants to promote cryptocurrency imports into Iran. He explains thus:
“By the end of September, the use of cryptocurrencies and smart contracts will be widespread in international trade with some key countries.”
Iran’s path to cryptocurrencies
Iran’s interest in these digital assets is not new. In 2020, it became the first country to allow cryptocurrencies for importing goods. It should be remembered that Iran is subject to strong international sanctions, so assets of this type are a way to dodge them. In 2021, a think tank linked to the Iranian state had thus published a report recommending the mining of BTC to escape sanctions.
There is also a particularly strong adoption at the retail level. According to a report published at the end of last year, 14% of Iranians owned cryptocurrencies at the time. Here, as elsewhere, the sharp drop in the country’s fiat currency has prompted residents to turn to these new assets.
