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Iran’s foreign trade embargo is adversely affecting the Middle Eastern country’s economy. The ban has paralyzed the country for over 4 decades, as it actively explores avenues to circumvent it. Iran just recently turned to cryptocurrencies, executing its first official foreign trade transaction worth millions of dollars.
Iran plans to use crypto in foreign trade henceforward
Taking to Twitter on August 8, Alireza Peymanpak—Vice Minister of Iran’s Ministry of Industry, Mine and Trade—noted the operation.
“This week, the first official import order was successfully placed with #cryptocurrency worth 10 million dollars,”
Peymanpak said, in a tweet translated from Persian.
It appears the country has found the ideal technique to help the nation evade the ban, as further highlighted in Peymanpak’s tweet.
