Iran makes international transactions by crypto

The country has imported more than $10 million worth of cryptocurrencies and plans for widespread crypto adoption

For decades, Iran has been living under constant economic sanctions. And now, according to Iranian Deputy Minister of Industry, Mines and Trade Alirez Peyman-Pak in a Twitter post on August 9, the government recently placed an international import order worth $10 million in cryptocurrency. 

While the spokesperson never disclosed the nature of the transactions, there was no word on the crypto used or the service or product the country demanded.

But we understand that this is one of the first of its kind international transactions in which cryptocurrency is involved not as an object of regulation but as a full-fledged means of payment.

"By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries," Peyman-Pak added.

In February, Iran's central bank was also considering creating its own CBDC stablecoin based on the Hyperledger Fabric protocol.