Iran Placed Its First Import Order in Crypto Worth $10 M

by in Cryptocurrency News

Iran import crypto

Iran announced its first official import in crypto. Deputy Minister of the country's Industry, Mine, and Trade, Alireza Peyman-Pak tweeted that the first import order registration worth $10 M was made.

Related: Iran plans to start testing its token in the near future

He also mentioned that by the end of the next month, the use of crypto and smart contracts will be widespread in foreign trade with certain countries.

Peyman-Pak didn't reveal more details about the trade, goods, the counterpart country, or the specific crypto used for the transaction.

Iran legalized crypto mining in 2019 establishing proper regulations. According to the blockchain analytics company Elliptic, in 2021, Iran implemented 4.5% of all Bitcoin mining activities. The company says Iran can use crypto to avoid sanctions by the US and the European Union.