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

According to reports, Iran is one of the most important economies in the Middle East. It made its first order for digital assets. This initiative involved goods valued at $10 million. It was completed earlier in the week.

A Reuters report revealed that Iran’s Ministry of Industry, Mine and Trade had approved the first official order to import items into the country where cryptocurrency transactions were used. Alireza Peymanpak, Deputy Minister, stated:

“This week, the first official import orders registration valued at 10 million dollars was 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. Operators who use energy to reach households and businesses could be sent to prison.

Mohammad Bohlouli, a Tavanir executive, stated that any use of subsidized electricity, intended for households and industrial, agricultural, or commercial subscribers, is prohibited for mining cryptocurrency.

CryptoPotato’s first post, U-Turn. Iran Imports Crypto Goods Worth $10 Million (Report), appeared first on CryptoPotato.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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