Iran reportedly managed to put in its first global import order with the help of $10 million equivalent of cryptocurrency, revealed by a senior government trade official. 

Specifically, the update revealing the Islamic republic putting in its first import order via the utilization of crypto was reportedly disclosed by Iran’s Deputy Minister of Industry, Mine & Trade Alireza Peyman-Pak via Twitter on August 2nd.

Although particular information is yet to be revealed regarding the crypto coin used or the associated imported goods, Peyman-Pak revealed that the $10 million order serves as a representative for the first of numerous global trades to be finalized using crypto, with intentions of doubling down over the next month. 

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

Iran was, up until February 2022, the nation receiving the most amount of sanctions throughout the globe. Iran gets the majority of its imports from China, the United Arab Emirates (UAE), India, and Turkey, according to Trading Economics.

Nonetheless, latest data reveals Russia to overtake Iran for the leading position, as the most sanctioned country worldwide, following its invasion of Ukraine in early 2022. 

The Islamic country has been perceived as a pro-crypto nation as early as 2017. In October two years ago, it brought adjustments to previously issued legislation to enable the legal use of cryptocurrency for funding imports.

In June last year, the Iranian Trade Ministry reportedly completed the issuance of 30 operating licenses to Irani miners to mine cryptocurrencies, which then must be sold to Iran’s central bank. Iran is now using those mined coins for import payments.