espite decades of economic sanctions, the country has placed its first international import order using cryptocurrency worth $10 million, according to a senior government trade official.
Alireza Peyman-Pak, Iran's Deputy Minister of Industry, Mine, and Trade, announced the Islamic republic's first crypto import order on Twitter on August 9.
While the official did not reveal any details about the cryptocurrency used or the imported goods involved, Peyman-Pak stated that the $10 million order is the first of many international trades to be resolved with cryptocurrency, with plans to massively increase this over the next month.
"By the end of September, the use of cryptocurrencies and smart contracts in foreign trade with target countries will be widely used."
Iran was the most sanctioned country in the world until February of this year. According to Trading Economics, the majority of imports come from China, the United Arab Emirates (UAE), India, and Turkey.
However, following its invasion of Ukraine earlier this year, Russia has surpassed the United States as the most sanctioned country in the world.
Since 2017, the Islamic nation has been preparing to embrace cryptocurrencies. It amended previously issued legislation in October 2020 to allow cryptocurrency to be used to fund imports.
The Iranian Trade Ministry issued 30 operating licenses to Iranian miners in June 2021 to mine cryptocurrencies, which must then be sold to its central bank. Iran is now using mined coins to pay for imports.
The country was also considering a central bank digital currency (CBDC) based on the Hyperledger Fabric protocol in February as a way to improve its existing financial infrastructure.