Iran makes $10M import with crypto, plans 'widespread' use by end of Sept

Longstanding economic sanctions against the Islamic State have forced Iran to begin using crypto as a medium of exchange for international trade deals. After struggling through decades of economic sanctions, Iran has placed its first international import order worth $10 million using cryptocurrency, according to a senior government trade official.

Alireza Payman-Pak, Iran's Deputy Minister of Industry, Mines and Trade, shared the news that the Islamic Republic had placed its first import order using crypto in a Twitter post on August 9.

While the official did not release any details about the cryptocurrency used or the imported goods involved, Peyman-Pak said the $10 million order represents the first of many international trades to be settled with crypto, with plans to expand in the coming months.