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Iran Could Earn Bitcoin For Imports As It Registers First Major Trade Worth 10 Million USD

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Iran Bitcoin Trade

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Iran has witnessed the first registration of a major import using bitcoin or cryptocurrencies.

Alireza Paymaanpaak, The Iranian Vice Minister of Industry, mentions on his Twitter account: “This week, the first official import order was successfully placed with #cryptocurrency worth 10 million dollars. By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.”

The tweet written on August 9 expects a broader use of cryptocurrencies and smart contracts in Iranian foreign trade, specifically with the targeted countries, by the end of September.

Bitcoin being the safest and most secure of all digital currencies can enable international trade. Moving millions of dollars on the bitcoin network costs only a few cents and is settled within 10 to 20 minutes.

As there is no further information provided, the names of “target countries” are still a myth. The recent news around Iran’s political activities suggests a trade agreement between Russia and Turkey. Moreover, a long-standing agreement with China has been observed, which aimed at the multilateral removal of the U.S. dollar from their foreign trade.

In addition to the aforementioned uncertainty, the origin country of the imports is yet unknown. There is also ambiguity in the message, no Iranian is aware of the permits for the private sector in such operations, as the material and the importer entity are unidentified. 

With a very long history of sanctions beginning with the Nationalization of the Iranian Oil industry in 1951, Iran has shown resilience in coping with sanctions and boycotts.

To maintain its supremacy, the United States has never shown mercy on threats toward the sovereignty of the dollar’s reserve currency status over the globe. Some suspect the reason of the fall of the last Shah of Iran, lay under his disobedient thoughts of wiping away the reign of the U.S. dollar from oil transactions – which shared the same fate with the similar dreams of Saddam Hussain.

Can bitcoin, the resemblance to the Austrian private money overthrow this supremacy, as the global currency?

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