Iran placed its first official import order in a cryptocurrency this week. The order is worth ten million dollars, the semi-official Tasnim agency reported on Tuesday. It is said to be a first step in bypassing US sanctions that cripple the Islamic Republic’s economy. Which digital money was used in the transaction remained open.
“By the end of September, the use of cryptocurrencies and smart contracts in foreign trade with destination countries will be widespread,” an official from the Ministry of Industry, Mining and Trade wrote on Twitter. Trading digital assets aims to circumvent the dollar-dominated global financial system and allow trade with other countries that are also restricted by US sanctions – such as Russia.
According to a survey published last year, 4.5 percent of the dominant cryptocurrency Bitcoin was mined in Iran. One reason for this is the relatively cheap electricity, as mining consumes a lot of electricity. Digital mining could help Iran make hundreds of millions of dollars. However, the prices of cryptocurrencies such as Bitcoin fluctuate strongly and have not yet established themselves in the payment system.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
