News ID: 323370
Published: 0246 GMT August 09, 2022

Iran makes first import order using cryptocurrency: Report

Iran makes first import order using cryptocurrency: Report
REUTERS

Iran made its first official import order using cryptocurrency this week, Tasnim News Agency reported on Tuesday, a move that could enable the Islamic Republic to circumvent U.S. sanctions.

The order, worth $10 million, was a first step towards allowing the country to trade through digital assets that bypass the dollar-dominated global financial system and to trade with other countries similarly limited by U.S. sanctions, such as Russia, Reuters reported.

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,” an official from the Ministry of Industry, Mine and Trade said on Twitter.

Last year, a study found that 4.5% of all bitcoin mining was taking place in Iran, partly due to the country’s cheap electricity. The mining of cryptocurrency could help Iran earn hundreds of millions of dollars that can be used to buy imports and lessen the impact of sanctions.

Cryptocurrencies such as bitcoin are highly volatile and have not found a widespread footing for payments.

The European Union on Monday said it put forward a “final” text to revive the 2015 Iran nuclear deal as four days of indirect talks between the U.S. and Iranian officials wrapped up in Vienna.

Under the 2015 agreement, Iran modified its nuclear program in return for relief from sanctions. But former U.S. president Donald Trump reneged on the nuclear deal in 2018 and reimposed U.S. sanctions.

 

 

   
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