By Darren Parkin
Iran has confirmed it has officially made its first multi-million dollar import using cryptocurrency as it looks to circumvent US sanctions on its economy.
Tehran news agency Tasnim last night reported the order was worth $10 million, but it did not disclose what had been purchased or what digital asset had been used to make the transaction.
Government officials later confirmed the mystery import before declaring the Islamic republic would soon be leaning heavily on crypto for its international trade.
“By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,” an official from the Ministry of Industry, Mine and Trade stated on Twitter.
The post Iran side-steps US sanctions with $10m cryptocurrency import appeared first on CityAM.
