Iran Plans To Pay For Its Imports In Crypto

Iran completes payment for $10 million Import for the first time in Cryptocurrency, According to a Tweet from the country’s Deputy Minister of Industry, Mines and Trade, Alireza Peyman Pak. According to him, this is the first of a long series of transactions of this type.

JUST IN: Iran makes first #crypto payment for imports worth $10 million

— CryptoSavingExpert ® (@CryptoSavingExp) August 9, 2022

Through this initiative, the country would finalize its plans to enable the wide-scale adoption of cryptocurrencies for international settlements. Companies will now be able to use cryptocurrencies for settlement with foreign partners. Local media confirm that Trade and the Central Bank of Iran (CBI) have agreed to this development.

The order, worth $10 million, was the first step to enable the country to trade through digital assets that bypass the dollar-dominated global financial system and to trade with other countries also restricted by sanctions. Americans, like Russia. The agency did not specify which cryptocurrency was used in the transaction.

Pak seems to have identified cryptocurrencies and blockchain technology as crucial to everything Iran seeks to achieve with its foreign trading partners.

Meanwhile, Iran has become a hot spot for bitcoin (BTC) miners due to its cheap electricity. A Reuters report revealed that Iran hosts 4.5% of all global crypto mining activity.