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Iran registers first import order with crypto payment method

A top Iranian trade official says cryptocurrency will be used to pay for a first import order worth $10 million.

A top Iranian trade official says a first import order using cryptocurreny as a payment method has been registered in the country.

Alireza Peymanpak, a deputy Iranian trade minister, said on Tuesday on his Twitter page that the official import order was worth some $10 million.

Peymanpak leads Iran’s Trade Promotion Organization (TPO), a body responsible for registering and processing orders for imports into the country.

The official did not elaborate on more details about the order, including the country from which the import will take place and which cryptocurrency will be used to settle the payment.

However, he said that the use of cryptocurrencies in Iran’s foreign trade will be expanded significantly until September.

Iran’s central bank approved laws in 2019 imposing an outright ban on trading of cryptocurrencies inside the country. However, the government allowed the use of cryptocurrencies like bitcoin to pay for imports amid restrictions imposed by the United States on Iran’s access to the international banking system.

The regulations also came amid a major surge in cryptocurrency mining activity in Iran as cheap electricity prices encouraged a rush into the market for digital gold at the time.

The Tuesday statement by TPO chief comes amid growing banking and financial cooperation between Iran and Russia as the two countries seek to counter the sanctions imposed by the US on their economies.

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