[Delio] Iran Takes the First Step to Crypto-Funded Import

Iran made its first official movement toward the crypto market via an import order using cryptocurrency this week indicating that it can enable the Islamic Republic to circumvent U.S. sanctions that have crippled the economy, crypto media channel CoinDesk reported on August 9.

The $10 million transaction was a first step toward enabling the nation to conduct business with other nations equally constrained by U.S. sanctions, such as Russia, and other digital assets that bypass the dollar-dominated global financial system. An official from the Ministry of Industry, Mine, and Trade stated on Twitter that “by the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries.”

Meanwhile, Russia stated its intention to examine accepting Bitcoin as payment for its oil and gas exports at the start of this year. The move was understood to be aimed at strengthening the Russian ruble and support the globalization of the quickly expanding sector.

Nevertheless, one of the world’s poorest nations, the Central African Republic (CAR), has recently adopted cryptocurrency. In April, it became the first African nation to recognize bitcoin as legal cash, and this month it introduced its digital currency.

Source: COINDESK

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