Iran Is Avoiding Sanctions Using Cryptocurrency

August 13, 2022

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Iran made its first official import order using cryptocurrency this week, the Tasnim agency reported on Tuesday, a move that could avoid U.S. sanctions that have crippled the economy.

Alireza Peyman-Pak, the head of Iran’s Ministry of Industry, Mine and Trade said:

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

Iranian officials stated on their “twitter” account, but the agency didn’t specify which cryptocurrency was used in the transaction.

“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries”

Around 5% of all bitcoin mining is taking place in Iran, partly as a result of the country’s cheap electricity. The mining of cryptocurrency could help Iran earn hundreds of millions of dollars that can be used to buy imports and to fight against the impact of the USA sanctions. Last month, Iranian economic minister Ehsan Khandouzi announced that the US dollar had been officially replaced by the ruble in trades with Russia, and that is underway to replace the dollar in business with China, Turkey and India.

Central African Republic (CAR), one of the world’s poorest countries, has also embraced crypto. It became the first African state to make bitcoin legal tender in April, and joined El Salvador in adoption bitcoin as legal tender.

This is one more example of cryptocurrencies / digital assets use-case and utility of the decentralised payment network as Bitcoin. Some cryptocurrencies are irreplaceable payment method that can’t be stopped or controlled, because of their decentralised nature and blockchain technology.

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