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Economy
2022-August-10  16:34

Iran Imports 1st Consignment Using Cryptocurrency

TEHRAN (FNA)- Head of Trade Promotion Organization of Iran Alireza Peymanpak announced the first import order using cryptocurreny as a registered payment method in the country.

Peymanpak, also Iran's deputy trade minister, said that the official import order was worth some $10 million.

The official did not elaborate on more details about the order, including the country from which the import will take place and which cryptocurrency will be used to settle the payment.

However, he said that the use of cryptocurrencies in Iran’s foreign trade will be expanded significantly until September.

Iran’s central bank approved laws in 2019 imposing an outright ban on trading of cryptocurrencies inside the country. However, the government allowed the use of cryptocurrencies like bitcoin to pay for imports amid restrictions imposed by the United States on Iran’s access to the international banking system.

The regulations also came amid a major surge in cryptocurrency mining activity in Iran as cheap electricity prices encouraged a rush into the market for digital gold at the time.

The Tuesday statement by TPO chief comes amid growing banking and financial cooperation between Iran and Russia as the two countries seek to counter the sanctions imposed by the US on their economies.