The Iranian Ministry of Industry, Mine, and Trade enabled the country’s first cryptocurrency-based import of products.
According to reports, Iran, one of the top economies in the Middle East, placed its first import order utilising digital assets. The project contained $10 million worth of merchandise earlier this week.
According to a report by Reuters, Iran’s Ministry of Industry, Mine, and Trade authorised the country’s first cryptocurrency-based import order. Vice-Minister Alireza Peymanpak announced:
“This week saw the successful registration of the first formal import order worth $10 million utilising crypto.”
The legislator said digital assets and smart contracts would be used extensively in international commerce in the coming months.
The Central Bank of Iran (CBI) permitted banks, currency exchanges, and licenced miners to settle imports using cryptocurrencies in 2017. Recently, the Iranian government has not accommodated business, notably the mining sector.
In the spring of 2021, the government imposed a four-month ban on all bitcoin mining to maintain its electrical network’s reliability during the high summer season.
A month later, police officials stormed an abandoned facility in Tehran and seized seven thousand BTC mining devices.
In December last year, the Iranian authorities again suspended cryptocurrency mining, claiming winter power outages.
The authorities warned earlier this year that they might raise the penalties for unlicensed Bitcoin miners. Specifically, operators who consume energy intended for companies and residences might face imprisonment.
Mohammad Bohlouli, a Tavanir official, said, “Any usage of subsidised power meant for families, industrial, agricultural, and commercial customers for bitcoin mining is illegal.”