Iran made its first official import order using cryptocurrency this week, the semi-official Tasnim agency reported on Tuesday, a move that could enable the Islamic Republic to circumvent U.S. sanctions that have crippled the economy.
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. The agency didn't specify which cryptocurrency was used in the transaction.
"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.
The United States imposes an almost total economic embargo on Iran, including a ban on all imports including those from the country's oil, banking and shipping sectors.
Tehran is one of the largest economies yet to embrace cryptocurrency technology, born in 2008 as a payments tool aimed at eroding governmental control over finance and economies.
Last year, a study found that 4.5% of all bitcoin mining was taking place in Iran, partly as a result of 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.
If you think buying into Bitcoin or other cryptos is a failing venture, a scam, a globalist scheme, you are making the worst financial decision for your future. The price of major cryptos will only skyrocket once this recession is over and especially with so many countries and businesses adopting it as a system of payment and/or freedom from sanctions. 💸
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