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Iran is attempting to avoid import sanctions by turning to cryptocurrencies

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Iran is attempting to avoid import sanctions by turning to cryptocurrencies

The use of cryptocurrency as a payment method for importing products has received official approval from the Iranian government, which is looking for new ways to get around restrictions. The usage of cryptocurrencies in place of fiat money like the dollar and euro is now permitted under the new law.

The first official import order using cryptocurrencies was placed “this week,” according to Ali Reza Peymanpak, the chairman of the Iran Trade Promotion Organization (ITPO), who made the announcement on August 9. Peymanpak, who is also a deputy minister of industry, mine, and commerce, said the transaction was worth $10 million but did not say what goods or services were exchanged or who was involved.

Smart contracts are anticipated to become more prevalent in international trade as nations like Iran look to circumvent sanctions-related constraints. Given that Iran and Russia have been collaborating more closely recently to lessen the dependency on the US dollar for bilateral commerce and have also suggested launching a new settlement system utilising their respective currencies, this is noteworthy.

In the modern world, a miner would ideally want machines with numerous top-tier GPUs. Electricity is used extensively throughout this operation. As a result, widespread power outages were caused by the country’s growing mining population. The seizure of nearly 10,000 illegal cryptocurrency mining devices over the course of the previous five months was just announced by Iranian authorities last week. Many of these devices were discovered in public spaces like schools and mosques, which frequently receive free or heavily discounted electricity.

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