The tussle between the United States and Iran had resulted in the US restricting foreign trade for Iran, but now Iran is taking the crypto route instead of the traditional dollar financial system to continue its relations with other countries.
Iran seems to have found the use of crypto assets more useful than the fiat economy, which is hugely dominated by the US dollar.
By offering cheap electricity, the country recorded 4.5% of the total Bitcoin mining last year, which shows that the public and government are taking initiatives to enter the crypto market officially.
According to Reuters, Bitcoin mining helped Iran “earn millions of dollars and lessen the US sanctions.” Therefore, the recent foreign trade via cryptocurrency might be an experiment and also proof that the country is ready to enter the crypto market and build its economy using it.
“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,” Alireza Peyman-Pak from the Ministry of Industry, Mine and Trade said.
As of now, Tasnim hasn’t shared details as to which cryptocurrency Iran used for foreign trade.