The U.S.-sanctioned country is possibly seeking to mitigate economic and trade impacts with the use of cryptocurrencies.
- Iran financed a foreign trade operation with cryptocurrency.
- Details are unknown, including the currency currency is a medium of exchange that defines value. used.
- The legislation allows locally mined cryptocurrencies to be used for this purpose.
For the first time in history, Iran has announced the official use of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets to conduct an international trade operation.
The country sanctioned by the United States placed its first order for the import of goods worth USD $10 million financed in cryptocurrencies. This was revealed by Iran’s Deputy Minister of Industry, Mines and Trade and Chairman of the Trade Promotion Organization, Alireza Peyman-Pak, in Twitter this martes.
The official also said that the country is preparing to start using digital currencies more actively for foreign trade operations. The local news agency, Tasnim reported citing the tweet and various media in English covered .
First official cryptocurrency import order successfully placed this week worth $10 million. By the end of September, the use of cryptocurrencies and smart contracts will become widespread in foreign trade with destination countries.
این هفته، اولین ثبت سفارش رسمی واردات با #رمز_ارز به ارزشی معادل ۱۰ میلیون دلار با موفقیت صورت پذیرفت. تا پایان شهریور ماه، استفاده از رمز ارزها و قراردادهای هوشمند به صورت گسترده در تجارت خارجی با کشورهای هدف عمومیت خواهد یافت. #فصل_جدید_تجارت_خارجی
— علیرضا پیمان پاک???????? (@peymanpak_ir) August 9, 2022
Neither Peyman-Pak nor the news media provided details about the products imported, the country with whom the trade was made or the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. used for the first transaction.
Iran turns to cryptocurrencies
The United States imposed strict economic sanctions against Iran in 1979, allegedly in response to its nuclear program and support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for various organizations that the U.S. government considers terrorist organizations. Since then, Iran has been unable to access the US dollar-denominated global financial system to trade with other countries.
Sanctions have strengthened over the years. In 2018, then-President Donald Trump imposed new sanctions after withdrawing from the Iran nuclear deal, which he claimed did not limit the country’s missile program. More recently, in March, the administration of Joe Biden enacted sanctions against Iran’s ballistic missile program.
Faced with this context of sanctions and currency shortages, Iran has now opted to turn to cryptocurrencies, a payment system that cannot be censored at the will of any government.
Two years ago, the Iranian government amended its legislation to allow the use of locally mined cryptocurrencies to import goods and services. The move came a year after the country legalized digital asset mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. in August 2019, although trading was banned and a licensing requirement was put in place for miners.
The Central Bank of Iran (CBI) reiterate last year the policy, stating that banks and authorized exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. agents were allowed to use cryptocurrencies produced by registered local miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. to pay for imports.
The West Asian country isn’t the only one that has turned to digital currencies to circumvent sanctions. As previously reported DiarioBitcoin Venezuela, another country affected by U.S. economic sanctions, has also used Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. to pay for imports of allied countries, including Iran and Turkey.
Meanwhile, the U.S. government has been strengthening its surveillance and monitoring mechanisms to ensure that sanctions are not violated. Last month, the U.S. Treasury Department began a cryptocurrency exchange investigation Kraken , to find out whether it violated sanctions against Iran by allowing residents of that country to trade on the platform.
- Iran to cut power to licensed cryptocurrency traders over energy crisis
- Binance fails to comply and allows Iranian traders to bypass U.S. sanctions, says Reuters
- US Treasury Sanctions Cryptocurrency Mixer Tornado Cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term.
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash