Iran Begins Using Crypto for Foreign Trade

The government of Iran has now made its first purchase of imported goods with cryptocurrency, worth some $10 million.

As the country is under economic sanctions for decades, it is currently in the process of changing its economic strategy so as to rely on crypto to make international purchases. While there’s no information about exactly which crypto was used, Iran will make crypto-purchases in foreign trade widely used by late September.

In June 2021, thirty miners in Iran received mining licenses from the government. They are obligated to sell all crypto they mine to the state, which will then be used for importing goods. Usually, Iran mostly trades with China, UAE, India, and Turkey.

In addition, Iran will also be using CBDC (central bank digital currency) to enhance its infrastructure pertaining to finance.