Foreign trade using bitcoin (BTC) and cryptocurrencies as a means of payment opens up a new opportunity for Iran. A country facing economic sanctions implemented by the United States. Iran makes millionaire payment with bitcoin for the buy goods.
Iran had been preparing for a long time for cryptocurrencies to serve as a form of payment and according to Peyman Pak, Iran’s deputy minister of Industries and Commerce, it has succeeded.
“This week the first official import order was successfully registered with a cryptocurrency worth 10 million dollars,” Pak commented on Twitter.
Although Pak does not specify which cryptocurrencies was used in the negotiation, the use of BTC is presumed. This considering that the country allows the use and mining of Bitcoin. And although it is a changing policy, possibly that digital asset has been used in payments. This payment appears to be the first of many initiatives that will focus on digital assets for Iranian foreign trade.
How does the use of cryptocurrencies in foreign trade work?
To allow the use of bitcoin and cryptocurrencies, the Central Bank of Iran and the Ministry of Industries integrated a cryptocurrency platform, belonging to the financial institution, with the Comprehensive Commerce System (SIC). The SIC has a mechanism that facilitates business processes for Iranian merchants and businessmen.
The objective seems to be clear: to provide new opportunities for importers and exporters to use cryptocurrencies in their international agreements. All this, in a framework in which the sanctions imposed by the United States seek to suffocate the Iranian economy. Bitcoin becomes the main escape valve.