Iran imports its first $10M worth of goods by transacting crypto

Iran, one of the most powerful economies in the Middle East, is said to have placed its first import order using digital assets.
Iran, one of the most powerful economies in the Middle East, is said to have placed its first import order using digital assets.

Iran, one of the most powerful economies in the Middle East, is said to have placed its first import order using digital assets. The initiative took place earlier this week and contained goods worth $10 million.

The move comes months after the Ministry of Trade and the Central Bank of Iran (CBI) inked a deal to link the CBI’s payment platform to allow crypto payments for foreign trade.

According to a report by Reuters, the first formal order for importing goods into the nation where cryptocurrency transactions are used was granted by Iran’s Ministry of Industry, Mine, and Trade. Deputy Minister Alireza Peymanpak confirmed the news by stating:

“This week, the first official import order registration worth 10 million dollars was successfully completed using cryptocurrency.”

The minister added that smart contracts and digital assets will be increasingly used in international trade in the upcoming months.

Iran and its mixed stance

The Central Bank of Iran (CBI) made it possible for banks, exchanges, and authorized miners to settle imports using cryptocurrency last year. Despite this, the authorities in Iran have not recently been very friendly to the industry, and especially not to the mining sector. The government warned that they would tighten the sanctions on illegal BTC miners earlier this year, as TheCoinRise reported. Operators who especially divert energy intended for homes and businesses will risk jail time.

According to Mohammad Bohlouli, a Tavanir executive, “any use of subsidized electricity, intended for households, industrial, agricultural, and commercial subscribers, for mining cryptocurrency is prohibited.”

The government imposed a four-month ban on all bitcoin mining activities in the spring of 2021 in order to protect the stability of its electrical network during the peak summer months. In addition, a month later, police in Tehran carried out a search on an abandoned factory and seized 7,000 Bitcoin mining equipment.

The Iranian government maintained its serious attitude to December 2021, when it once more banned cryptocurrency mining due to wintertime power outages.