By paying with crypto Iran places its first import order
Hello friends today we will talking about crypto Iran. One of cryptocurrency’s most important use cases is in remittance and the global commerce industry. Countries don’t even need to be a part of the SWIFT financial network to do business successfully because neither banks nor outside parties are required.
And as Iran puts its first import order worth $10 million by paying with cryptocurrency, I think the groundwork has been laid for the progressive rise of cryptocurrency use in the remittance and international commerce markets.
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Iran pays with crypto for imports
The nation has paid for the items it is bringing into the nation using bitcoin worth $10 million. Alireza Peymanpak, the chairman of Crypto Iran’s Commerce Promotion Organization, stated that by the end of September, they would be prepared to employ cryptocurrency and smart contracts for trade with particular nations. They had been debating it for a year before making this audacious choice. In 2021, the Iranian Central Bank authorised authorised banks and crypto exchanges to accept cryptocurrency payments for imports.
Iran has long been enthusiastic about its crypto iran strategy. Since they made Bitcoin legal in 2019, the market has exploded in the nation. Since January 2020, they have already given out more than 1000 licences for mining bitcoin. It has been made plain by the government that permits are required for miners to work in Iran.
This is due to the fact that mining uses a lot of electricity, and if miners mine cryptocurrency using domestic energy sources, the energy demand would be quite high, causing power outages and shortages. Therefore, it serves the interests of the people. This also means that using renewable energy sources for mining won’t cause any problems for the government.
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What makes cryptocurrency appealing for cross-border trade and remittances?
It will be difficult for a nation to conduct business with other countries that are members of the SWIFT financial network if they are not. Additionally, it indicates that the US always has power over the nations included in this network since sanctions may be imposed at any moment if you disagree with them.
Additionally Crypto iran, banks demand high fees for international transactions. Thus, Bitcoin and other cryptocurrencies have grown to be highly appealing for cross-border trade and transfers.
What do you think about Iran placing its first import order with cryptocurrency payment? And do you anticipate that this will spark a surge in cryptocurrency-based international trade? Tell us in the comments section below. Please like and share our material with your friends if you find it to be informative.
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