This Monday, Iran recorded its first formal order for the importation of commodities worth $10 million, all of which were paid for in cryptocurrency.
According to a story published on Tuesday, August 9, an official from Iran’s Ministry of Industry, Mine, and Trade revealed the information.
این هفته، اولین ثبت سفارش رسمی واردات با #رمز_ارز به ارزشی معادل ۱۰ میلیون دلار با موفقیت صورت پذیرفت. تا پایان شهریور ماه، استفاده از رمز ارزها و قراردادهای هوشمند به صورت گسترده در تجارت خارجی با کشورهای هدف عمومیت خواهد یافت. #فصل_جدید_تجارت_خارجی
— علیرضا پیمان پاک🇮🇷 (@peymanpak_ir) August 9, 2022
Alireza Peyman-Pak, the head of Iran’s Trade Promotion Organisation (TPO), announced on Twitter that the first formal import order registration worth $10 million was successfully completed using cryptocurrency this week.”
He expected cryptocurrencies and smart contracts to be widely used in international trade with the countries targeted by the program by the end of September. By the end of September, cryptocurrencies and smart contracts would be widely employed in overseas commerce with target nations.
Iranian government’s stance on crypto
It’s worth noting that the Iranian government permitted 30 crypto mining farms, indicating that it was softening its attitude toward cryptocurrency mining.
The decision was made a little more than a week after Iranian authorities confiscated over 7,000 computers used for cryptocurrency mining from a location in Tehran. This resulted from the country’s decision in May 2021 to stop Bitcoin mining due to energy concerns.
Notably, Iran was having power shortages, which the government blamed on miners, and energy concerns began to surface.
In a paper in March 2021, the Iranian Presidential Centre for Strategic Studies recommended the government use Bitcoin and other cryptocurrency mining to avoid international sanctions.