Iran is testing the possibility of carrying out foreign trade activities using digital assets, bypassing the global financial system, limited by US sanctions.
Iran placed its first import order this week, paying for the delivery in cryptocurrency, Reuters reported, citing sources at Iran’s private news agency Tasnim. The use of crypto assets in cross-border settlements may allow the Islamic Republic to circumvent the sanctions that the United States and its partners have imposed against Iran.
The first order, worth about $10 million, will allow the country to test the feasibility of foreign trade using digital assets, bypassing the global financial system, limited by US sanctions. The agency did not specify which cryptocurrency was used to complete the transaction.
“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,” a spokesman for the Iranian Ministry of Industry and Trade said on Twitter.
In June, Director of the Russian Export Center (REC) Veronika Nikishina announced that the Center had begun work on creating a “cross-border digital sandbox” for payments in cryptocurrency. The REC project provides for testing alternative options for cross-border settlements using digital payment means under conditions of restrictions.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
