According to Alireza Peyman Pak, Vice Minister of Industry and Mine, Iran’s first foreign trade order, it was for $10 million worth import goods.
yn hfth, wlyn thbt sfrsh rsmy wrdt b #rmz_rz bh rzshy m`dl 10 mylywn dlr b mwfqyt Swrt pdhyrft. t pyn shhrywr mh, stfdh z rmz rzh w qrrddhy hwshmnd bh Swrt gstrdh dr tjrt khrjy b khshwrhy hdf `mwmyt khwhd yft. #fSl_jdyd_tjrt_khrjy
— lyrD Pymn pkh
August 9, 2022 (@peymanpak_ir).
Pak says that this transaction is not the first in a series of similar transactions.
“By September’s end, smart contracts and cryptocurrencies will be widely used in foreign trade with targeted countries.”
The country has now finalized plans to allow large-scale adoptions of cryptocurrencies for international settlement.
For settlements with foreign partners, companies can now use cryptocurrency. Local media reports confirm that both the Central Bank of Iran and the Ministry of Industries, Mining and Trade have approved this development.
“We are working on a mechanism to operate the system. This will open up new opportunities for both importers and exporters to utilize cryptos in international transactions.
Peyman Pak previously stated.
Pak seemed to have identified blockchain technology and cryptocurrencies as critical to Iran’s efforts to reach its foreign trading partners.
Iran is now a preferred location for Bitcoin (BTC), miners, due to its low electricity prices. According to Reuters, 4.5% of all current mining activity is conducted in Iran.
Bitestan, an Iranian crypto exchange, estimates that there are 12 million crypto owners in Iran.
Hamed Mirzaei, CEO of Bitestan, said.
“Iranians’ crypto transactions per day are valued at between 30 and 50 trillion Rial ($181 million), with more than 88% of these deals being conducted through local exchange platforms.”
Iran orders $10M worth of crypto imports, and plans to make it a ‘widespread by Q4 CryptoSlate.
