Iran Has Approved The Use of Crypto For Trading and Imports

According to the Minister of Industry, Mines and Trade, Reza Fatemi Amin, authorities in Iran have authorized the use of cryptocurrencies for trading and importing products. The decision avoids the financial and banking sector-related US penalties. An agreement between the Ministry of Industry and the Iranian Central Bank allows for the adjustment. It enables commerce in the import of goods, especially automobiles. Previously, those transactions would have been carried out in dollars or euros. The US still imposes sanctions on Iran because of its nuclear program. One way to get around trade embargoes and sanctions is to use cryptocurrency rather than fiat money. In recent months, US senators have expressed concern about using cryptocurrency to avoid sanctions, highlighting the prospect that highly sanctioned Russian organizations may be using it to lessen the effects. Iran might now be considering doing the same. Iran Placed First Official Import Order Using Crypto Iran placed its first official import order using cryptocurrencies earlier in the month, worth $10 million. It operated as a trial run to enable the nation to exchange digital assets without involving the international financial system. Trade with other countries similarly subject to US sanctions was also beneficial. “By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,” says Alireza Pey...