Iran has registered its first official order for importing $10 million worth of goods paid for in cryptocurrencies.
According to reports, the Iranian Ministry of Industry, Mine, and Trade has plans to widely use cryptocurrency in foreign trade with target countries.
Iran’s move to pay for its $10 million import order through cryptocurrencies has raised concerns of evading sanctions. While Iran’s move is a watershed moment for crypto adoption, the country is subject to almost complete economic embargo by the United States. The Department of State’s Office of Economic Sanctions Policy and Implementation is responsible for enforcing and implementing these sanctions.
Iran is driving the adoption of crypto by paying for imported goods in digital assets. The Ministry of Industry, Mine and Trade is prepared to pay for imported goods using cryptocurrencies. This has increased uncertainty amidst economic sanctions imposed on the country.
The US Treasury Department’s Office of Foreign Assets Control sanctioned the token mixing platform Tornado Cash for money laundering violations. Iran, which has tightened its grip on miners in its country, is, however, prepared to pay for imports in crypto, from targeted countries.
