In a groundbreaking development, Iran has made its first-ever import arrangement using cryptocurrency, according to Iran's Tasnim News Agency.
“This week, the first official import order registration worth $10 million was successfully completed using cryptocurrency," said Alireza Peyman-Pak, the head of Iran's Ministry of Industry, Mine and Trade. He didn't provide any other details about the transaction, such as which cryptocurrency was used or where the imports were coming from.
This week's $10 million import order is just the beginning, as Iran works to sidestep sanctions and pursue trade with other U.S.-targeted economies. "By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,” said Peyman-Pak.