Iran issues first official order to import cryptocurrency worth $10 million – Bitcoin News Regulation

Iran issues first official order to import cryptocurrency worth $10 million – Bitcoin News Regulation

Iran has placed its first official import order using cryptocurrency worth $10 million, according to a government official. “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” the official added.

Iran uses cryptocurrencies to order imports

This week, Iran issued its first official order to import goods worth $10 million in cryptocurrency. Alireza Peymanpak, deputy minister of Iran’s Ministry of Industry, Mining and Trade and president of the Trade Promotion Organization (TPO) in Iran, announced via Twitter on Tuesday (translated by Google):

This week, the first official order to import cryptocurrency worth $10 million was successfully placed.

“By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries,” his tweet continued.

Iran issues first official order to import cryptocurrency worth $10 million – Bitcoin News Regulation
Alireza Peymanpak’s tweet about an import order placed using cryptocurrency. Source: Twitter

Iran has been considering allowing the use of cryptocurrencies to pay for imports for more than a year. Central Bank of Iran (CBI) announced in August last year that banks and licensed currency exchangers can use cryptocurrencies mined by licensed cryptocurrency miners in Iran to pay for imports.

The Iranian government approved cryptocurrency mining as an industry in 2019. In January 2020, the Ministry of Industry, Mining and Trade issued over 1,000 licenses for cryptocurrency mining operations.

However, Iranian authorities have said that some unauthorized miners are using household electricity to mine cryptocurrencies, leading to major problems for the country’s electricity industry. Licensed crypto miners have been ordered several times to halt operations to prevent blackouts. In September last year, the authorities allegedly confiscated over 220,000 mining machines and turn off nearly 6,000 illegal crypto mining farms across the country.

In April this year, an official of Iran’s Electricity Generation, Distribution and Transmission Company (Tavanir) said that the country’s administration would approve new rules increase penalties for unauthorized cryptocurrency mining.

What do you think about Iran using cryptocurrencies to order imports? Let us know in the comments section below.

Iran issues first official order to import cryptocurrency worth $10 million – Bitcoin News Regulation

Kevin Helms

An Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in bitcoin security, open-source systems, network effects, and the intersection between economics and cryptography.




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