Iran first import order worth $10M placed using Cryptocurrency

Iran recently passed an act that introduces regulations on trading in cryptocurrency as well as the provision of electricity and fuel for mining, as well as the permission to make use of cryptocurrency. This agreement signed between Iran’s Ministry of Industry and Iran’s Central Bank sanctions the use of cryptocurrencies for processing imports from other countries , by local and state-owned enterprises. Iran issued the first cryptocurrency-related import order of $10 million on the 9th of August, tweets Alireza Peymanpak, Vice Minister of Iran’s Ministry of Industry, Mine and Trade. This could allow Iran to allow the Islamic Republic to circumvent U.S. sanctions that have harmed the economy of the country. The purchase, valued at 10 million dollars, is the first step in allowing the nation to trade with digital assets that do not fall under the world’s financial system that is dominated by dollar as well as deal with countries restricted through U.S. sanctions including Russia. The agency didn’t provide a specific digital currency was utilized for the transaction. The agreement is in place despite the restrictions on crypto transactions and mining in the past year, due to concerns about the power grid. A study revealed that 4.5 percent of bitcoin mining was carried out in Iran because of the country’s inexpensive power supply. Crypto transactions are likely to reduce the effect from U.S. sanctions and move the nation towards full crypto adoption.