WEB3
by BSCN
September 3, 2022
Iran plans to use cryptocurrency for trade. First import order worth $10M placed.
Iran last month passed an act introducing regulations on cryptocurrency trade transactions, the supply of fuel and electricity for mining, and the authorization to use cryptocurrencies. The agreement between the Ministry of Industry and Iran’s Central Bank sanctions the use of cryptocurrencies to process imports from other countries by government and local businesses.
Iran placed its first official cryptocurrency import order worth $10M on August 09, tweeted Alireza Peymanpak, Vice Minister of Iran's Ministry of Industry, Mine and Trade. The move could enable the Islamic Republic to circumvent U.S. sanctions that have crippled the nation's economy.
"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 agreement comes despite bans on crypto mining and transactions last year, citing power grid concerns. A study found that 4.5% of all bitcoin mining occurred in Iran due to the country's cheap electricity.
Enabling crypto transactions is expected to lessen the impact of U.S. sanctions and move the country firmly towards crypto adoption.
Latest News
7h : 53m ago
Has Over Protocol Lived Up to Expectations?
8h : 11m ago
MetaMask Card: What Is It and How Does It Work?
8h : 44m ago
What is Sidra Start? Crowdfunding on Sidra Chain
11h : 15m ago
PiDaoSwap Launches into Pi Network Ecosystem: Announces New Features
14h : 10m ago
How Much Bitcoin Japan's MicroStrategy Metaplanet Owns
16h : 55m ago
What’s Driving BNB Chain’s DEX Volume?
March 23, 2025
Fidelity Files to Register Tokenized Treasury Fund On Ethereum
March 22, 2025
What is Axie Infinity, AXS and SLP? Full Guide