Crypto adoption in Iran has achieved yet another milestone.  The country has just registered its first-ever transaction of imported goods that is worth $10 million, paid wholly in cryptocurrency.

This vital information was officially disclosed by the local news outlet Tasnim agency. The brief report points to a personal tweet by Alireza Peyman-Pak, Vice President of Iran’s Ministry of Industry, Mine, and Trade and President of Iran Trade Promotion Organization. 

This tweet directly states the transaction, plus a short statement about its projected effects in the near future.

“This week, the first official import order registration with (cryptocurrency) worth 10 million dollars was successfully completed.” -Google Translated text

This transaction is seen as a significant step toward the country’s acceptance of trade via digital assets. Basically, this is a step in a direction away from the current global financial system that is heavily based (or at least heavily affected) by the U.S. dollar. 

This is also a method of skirting around limitations brought by sanctions hammered by major countries, which could also directly affect the traditional trading power of a country’s local currency. 

As it is already known, the United States grips Iran with a huge economic embargo, which is typically in the form of import bans.

What is next for Crypto adoption in Iran

physical bitcoin with Iran flag to represent Crypto adoption in Iran

In fact, the tweet further stated that by the end of September (of this year), the use of cryptocurrencies and smart contracts should be (more) widespread in foreign trade with (Iran’s) target countries.

Iran’s relationship with blockchain networks and cryptocurrency is quite fascinating, due to the combined elements of trade restrictions and relatively cheap energy availability. 

This results in developments such as widespread unlicensed crypto farming, a problem that Iran continues to crack down on to this day due to power grid fluctuations. 

Though, reversely, the Iranian government also issues its own permits to build crypto mining farms that eventually became a tiny part of Iran’s (speculated) 4.5% share in global bitcoin mining capacity.

It is interesting to note that the cryptocurrency used was never specified, for understandable reasons. Though with Iran’s history on cryptocurrency laid bare for ordinary internet denizens to scrutinize, it might not be too difficult to correctly infer this piece of information.

As for the general public’s response to the tweet, it mostly generated mixed responses.