Iran pays US$10 mln import order with crypto for 1st time: report




  • In World
  • 2022-08-10 04:52:51Z
  • By Forkast News
 

Iran has made the country's first cryptocurrency payment with a US$10 million import order this week, which could be an option for the country to bypass broad trade embargoes, according to a media report.

See related article: Crypto exchange Kraken reportedly under investigation for Iran sanctions breach

Fast facts

  • It did not disclose the counterparty to the transaction or which cryptocurrency was used, as Iranian news agency Tasnim reported on Tuesday by citing a tweet from the country's vice minister of industry, mine and trade.

  • Vice minister Alireza Peyman-Pak also said the country could widely use cryptocurrency and smart contracts in foreign trade.

  • Iran is under an embargo from various countries, and the U.S. imposes a near-total economic blockade on Iran, including a ban on all imports, including from the country's oil, banking and shipping sectors.

  • Crypto analytics firm Elliptic said that 4.5% of Bitcoin mining takes place in Iran, allowing the country to circumvent trade embargoes and earn hundreds of millions of dollars in crypto assets that can be used to buy imported goods and avoid trade sanctions.

  • The Iran central bank said in June that it would launch the pilot of its central bank digital currency (CBDC), the crypto rial, on Aug. 23.

See related article: Is cryptocurrency a workaround for sanctions against Russia?

COMMENTS

More Related News

ASU students, activists rally for women
ASU students, activists rally for women's rights in Iran at Tempe campus
  • World
  • 2022-10-02 20:03:29Z

Activists gathered at ASU's Tempe campus on Saturday evening to rally for women's rights in Iran after Mahsa Amini died in Iranian police custody.

'Woman. Life. Freedom': Thousands march in Paris to back Iran protests
  • World
  • 2022-10-02 17:43:10Z

Thousands of people marched in Paris on Sunday to condemn Iran's Islamic leadership in a giant show of solidarity with the protests that erupted there after ...

French march rallies support for Iranian demonstrators
French march rallies support for Iranian demonstrators
  • US
  • 2022-10-02 16:38:14Z

Crowds of people marched in Paris on Sunday to show their support for Iranian protesters standing up to their leadership over the death of a young woman in...

Hundreds protest in Turkey in support of Iranian women
Hundreds protest in Turkey in support of Iranian women
  • World
  • 2022-10-02 14:33:51Z

Hundreds of protesters took to the streets in Turkey on Sunday to condemn Iran's crackdown on women-led demonstrations sparked by a young woman's death after...

Iran parliament speaker says protests could weaken society
Iran parliament speaker says protests could weaken society
  • World
  • 2022-10-02 12:36:14Z

Iran's parliamentary speaker warned Sunday that protests over the death of a young woman in police custody could destabilize the country and urged security...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

Top News: World