Iran will now massively use cryptocurrencies for its imports

Iran has just concluded a $10 million import, using cryptocurrencies. And the Deputy Minister of Industry and Trade confirms that the country intends to continue its momentum. What are crypto-assets used 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, and that its amount is 10 million dollars.

The Central Bank of Iran gave the green light recently : Local businesses will now be able to transact internationally using crypto-assets such as Bitcoin (BTC) as means of settlement.

Moreover, Alireza Peyman Pak has confirmed that he wants to promote imports of cryptocurrencies in 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.ยป

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Iran is moving towards cryptocurrencies

Iran’s interest in these digital assets is not new. In 2020, it became the first country to authorize cryptocurrencies for the import of goods. It should be remembered that Iran 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 published a report recommending the mining of BTC to escape sanctions.

There is also particularly strong adoption at the individual level. According to a report late last year, 14% of Iranians owned cryptocurrency at the time. Here as elsewhere, the sharp fall in the country’s fiat currency has prompted residents to turn to these new assets.

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Source: Alireza Peyman Pak via Twitter

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