Iran Has Approved The Use of Crypto For Trading and Imports
The US still imposes sanctions on Iran because of its nuclear program. One way to get around trade embargoes and sanctions is to use cryptocurrency rather than fiat money. In recent months, US senators have expressed concern about using cryptocurrency to avoid sanctions, highlighting the prospect that highly sanctioned Russian organizations may be using it to lessen the effects. Iran might now be considering doing the same.
Iran Placed First Official Import Order Using Crypto
Iran placed its first official import order using cryptocurrencies earlier in the month, worth $10 million. It operated as a trial run to enable the nation to exchange digital assets without involving the international financial system. Trade with other countries similarly subject to US sanctions was also beneficial.
"By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries," says Alireza Peymanpak, a deputy Iranian trade minister who leads Iran's Trade Promotion Organization (TPO).
Illegal Crypto-Mining
Since March 21, 2022, over 9,000 illegal crypto-mining equipment have reportedly been taken by Iranian police. There have been several power interruptions in the nation due to crypto-mining. Associations in Iran have called for more cryptocurrency laws due to illegal mining. However, the decision enables Iran to get around US sanctions that have harmed its economy. The sanctions undermined the national currency, which is why cryptocurrencies have gained such widespread acceptance in the nation.