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2022: Iran pays for cryptocurrency imports
On August 9, 2022, it became known that Iran made the first official import order using cryptocurrency. Citing an article by the Islamic Republican News Agency (IRNA), the Iran Daily newspaper reported that the country's cabinet amended new digital asset legislation to allow Iran's Central Bank (CBI) to use cryptocurrency to finance imports.
The amendment was previously proposed jointly by the CBI and the cabinet. The change means that the cryptocurrency legally mined in Iran can only be exchanged if it is used to finance imports from other countries.
According to IRNA, miners will supply cryptocurrency directly to the Central Bank within the established limit. That will depend on how much subsidized energy the miner uses, as well as instructions to be published by the Department of Energy.
The $10 million order is the first step for the country to be able to trade through digital assets bypassing the global financial system, which is dominated by the dollar, as well as trade with other countries that are also subject to US sanctions. What kind of cryptocurrency was used in the transaction is not reported.
 | Until the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries, a spokesman for the Ministry of Industry and Trade said on Twitter. |  |
A near-total economic embargo was imposed on Iran by the US, including a ban on all imports, including the country's oil, banking and shipping sectors.
A 2021 study showed that 4.5% of all cryptocurrency mining operations are carried out in Iran, in particular due to the presence of cheap electricity in the country. Mining cryptocurrency could help Iran earn several hundred million dollars that could be used to acquire imported goods and ease the impact of sanctions.
The Central African Republic (CAR), one of the poorest countries in the world, has also adopted cryptocurrency. In April 2022, it became the first African state to make bitcoin legal tender, and in June 2022 it launched its own digital coin.
El Salvador in 2021 also adopted Bitcoin as legal tender, although this project faced skepticism from the public amid falling cryptocurrency prices.[1]
2020: Iranian president unveils national strategy to extract cryptocurrencies
At the end of May 2020, Iranian President Hassan Rouhani, at a meeting with representatives of the Central Bank, the Ministry of Energy and the Ministry of Information and Telecommunications Technologies, announced the need to develop a set of measures to regulate cryptocurrency at the state level. As part of the national strategy, Rouhani instructed to develop regulatory acts and find a way for the state to generate income from cryptocurrency mining. Read more here.
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