Iran’s government has announced that it has made its first import order worth $10 million with cryptocurrency.
Iran’s Trade minister, Alireza Peyman Pak, in a tweet disclosed that this will mark the beginning of crypto use in foreign trades.
“This week, the first official import order was successfully placed with cryptocurrency worth ten million dollars. By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.” the tweet read.
Iran has been deciding on a proposal made last year to allow the use of cryptocurrency for foreign trades.
In August, the Central Bank of Iran (CBI) approved the use of cryptocurrency mined by licensed cryptocurrency miners for banks and licensed currency exchangers in facilitating imports.