Iran Places First Crypto-Funded Import Order, Worth $10M: Report

Iran registered its first import order to be paid in crypto since the government, strapped for foreign currencies due to sanctions, amended digital assets legislation to allow locally mined cryptocurrencies to be used for purchases.

• The order is valued at $10 million, the Tasnim news agency reported Tuesday.
• The report cited a tweet from Alireza Peyman-Pak, an official at the Ministry of Industry, Mine and Trade, which said (in Farsi) that by the end of September, Iran's "use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries."
• In 2019, the government legalized crypto mining in the country. It still strictly regulates the sector and cracked down on local miners over energy use last year.

Read more: Iran Amends Law to Allow Imports to Be Funded With Cryptocurrency