Iranian Government Makes First Crypto Payment For Imports Worth $10 Million

0
70

The Iranian government has registered its first import order, to the tune of $10 million, which is to be paid using cryptocurrencies. Iran opted to this payment option because of its lack of foreign currencies due to sanctions on its nation. This was first reported by the Tasnim news agency, a popular news agency, based in the nation.

Recall that Iran amended its digital assets legislation to allow locally mined cryptocurrencies to be used for purchases.

Iranian Government Makes First Crypto Payment For Imports Worth $10 Million

The report cited a tweet from Alireza Peyman-Pak, an official at the Ministry of Industry, Mine and Trade, which said (in Farsi) that by the end of September, Iran’s “use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.”

In 2019, the government legalized crypto mining in the country. However, the nation still strictly regulates the sector. As an example of its strict regulation, last year, the country cracked down on local miners over energy use.