Iran Places First Official Crypto-Funded Import Order, Worth $10 Million

Iran looks to promote widespread use of cryptocurrencies and smart contracts with “target countries”.

Iran legalised crypto mining back in 2019.

Source : Getty

Iran has placed its first import order funded by cryptocurrencies, as per a tweet by a government official. The middle-eastern nation recently made amendments to its digital assets legislation to allow locally minted crypto coins to be used for purchases, as it is currently running short of foreign currencies owing to Western sanctions. Even though Iran had legalised crypto mining back in 2019, it still imposes strict regulations on its miners, cracking down on them for extensive energy use in 2020. 

As per a tweet by Alireza Peymanpak, the President of Iran’s Trade Promotion Organization (TPO) as well as the Vice Minister of Industry, Mine and Trade, Iran placed its first official import order worth $10 million. Peymanpak added, “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.”

این هفته، اولین ثبت سفارش رسمی واردات با #رمز_ارز به ارزشی معادل ۱۰ میلیون دلار با موفقیت صورت پذیرفت. تا پایان شهریور ماه، استفاده از رمز ارزها و قراردادهای هوشمند به صورت گسترده در تجارت خارجی با کشورهای هدف عمومیت خواهد یافت. #فصل_جدید_تجارت_خارجی

— علیرضا پیمان پاک🇮🇷 (@peymanpak_ir) August 9, 2022

As mentioned, Iran approved crypto mining as a legitimate industry in 2019 and went on to issue over 1,000 licenses for mining operations in early 2020. However, some unauthorised miners were found to use household electricity for mining purposes, resulting in widespread power issues. In September 2020, over 220,000 mining machines were confiscated by the authorities, and close to 6,000 illegal crypto mining farms were shut down across the nation. 

Iran's Power Generation, Distribution, and Transmission Company (known as Tavanir) in April said that the administration will approve new rules to increase the penalty for unauthorised crypto mining, as reported by Bitcoin.com.

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