U-Turn: Iran Imports $10 Million Worth of Goods in Crypto (Report)

One of the leading economies in the Middle East – Iran – reportedly made its first import order using digital assets. The initiative included goods worth $10 million and happened earlier this week.

• A Reuters coverage revealed that Iran’s Ministry of Industry, Mine, and Trade approved the first official order for importing items in the country where the transactions were utilized by cryptocurrencies. Deputy Minister Alireza Peymanpak stated:

“This week, the first official import order registration worth 10 million dollars was successfully completed using cryptocurrency.”

• The politician further assured that digital assets and smart contracts will be widely used in foreign trade in the following months.
• Last year, the Central Bank of Iran (CBI) enabled banks, currency exchanges, and licensed miners to settle imports in cryptocurrencies.
• Despite that, the Iranian authorities have not been so kind to the industry, and more particularly to the mining niche, in the recent past.
• In the spring of 2021, the government banned all bitcoin mining operations for a period of four months to preserve the stability of its electricity network during the peak summer season.
• A month later, law enforcement agents raided an abandoned factory in Tehran and confiscated 7,000 BTC mining machines.
• In December last year, the Iranian government halted crypto mining operations again, citing electricity blackouts during the winter.
• Earlier this year, the authorities alerted they might increase the sanctions on illegal BTC miners. Specifically, operators who use energy meant to reach businesses and households could go to prison.

“Any use of subsidized electricity, intended for households, industrial, agricultural, and commercial subscribers, for mining cryptocurrency is prohibited,” Mohammad Bohlouli – a Tavanir executive – said.