Iran conducts first $10m import operation paid in cryptocurrency

Iranian authorities carried out their first import operation worth $10 million paid in cryptocurrency. The deal occurred this week, according to the local newspaper Tasnim.

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Ali-Reza Peymanpak, head of Iran’s Trade Promotion Organization, said that local companies would begin to widely use digital assets and smart contracts in international trade in September.

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In 2020, the government of the Middle Eastern country approved the import payment mechanism using central-bank bitcoins mined by local miners.

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In 2021, analysts at Elliptic concluded that Iran accounted for 4.5% of all crypto mining. Cryptocurrency enables the country to circumvent sanctions and purchase imported goods.

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In the same year, President Hassan Rouhani announced a temporary ban on cryptocurrency mining due to electricity shortages. Licensed operations were allowed to resume in autumn.

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At the end of the year, the state-owned holding company Tavanir took similar measures due to rising consumption in winter. Temporary restrictions were also imposed in June 2022.

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Authorities increased fines for illegal cryptocurrency mining using subsidized electricity and introduced prison sentences for repeat offenses.

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As Reuters reported, the cryptocurrency exchange Binance served users from Iran to circumvent US sanctions.

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