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Sep 21, 2022 14:34
Iran introduces cryptocurrency payment for imports
Iranian news agency Tasnim, citing official sources, reported the preparation of the first contract for the supply of imported goods worth $10 million, which will be paid in cryptocurrency. Currently such details as the name of the goods and the cryptocurrency used for payment are not reported, but the authorities admit that the main purpose of this operation is to circumvent the sanctions imposed on Iran by the United States.
Commenting on the event, an official from Iran's Ministry of Industry and Trade said on Twitter that by the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries. Experts estimate that paying for imports in cryptocurrency will not only allow Iran to mitigate U.S. sanctions, but could also help earn hundreds of millions of dollars that could be used for domestic use. Despite the fact that Iran, thanks to the low cost of electricity, received about 4.5% of global bitcoin mining in 2021, the demand for cryptocurrency in the country will continue to grow in the future.
The Henbbo cryptocurrency fund has previously noted similar trends, and has taken a number of steps in advance to strengthen its presence in the region. One of the latest was the introduction of support for Farsi, the mother tongue of the vast majority of Iranians.
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