Iran First Signs Cryptocurrency Import Contract, $10 Million

Iran, under U.S. sanctions, has officially signed a $10 million (W137 billion) contract to import goods through cryptocurrency, Iran’s Vice Trade Minister Alireza Paymanpak tweeted on the 9th (local time).

– Vice Minister Paymanpak announced, “This is the first official trade through cryptocurrency, and we plan to drastically expand foreign trade through such cryptocurrency and ‘smart contracts’ by the end of September.”
Vice Minister Paymanpak did not disclose what kind of cryptocurrency he used with the contract.

– Iran, which is sanctioned by the United States, cannot trade with other countries due to its dollar-centered financial system. For this reason, Iran has been seeking ways to sell crude oil and import goods to avoid sanctions. The West has suspected that Iran is avoiding sanctions by using cryptocurrency.

– Blockchain analysis company “Eliptic” estimated that bitcoin mining in Iran accounted for 4.5% of the world’s total mining in February. Eliptic analyzed that Iran is mining Bitcoin using cheap power and importing necessary goods using it.