Iran makes first import order using cryptocurrency

Iran has made its first official import order using cryptocurrency this week, Reuters reports.

The order is worth $10 million, Iranian semi official Tasnim agency tells Reuters.

The move sems Iran’s shot towards circumventing U.S trade sanctions.

Iran is trying to tap digital assets that bypass the dollar-dominated global financial system and to trade with other countries similarly limited by U.S. sanctions, such as Russia.

The report didn’t specify which cryptocurrency was used in the transaction.

The United States had imposed an almost total economic embargo on Iran, including a ban on all imports including those from the country’s oil, banking and shipping sectors.

Last year, a study found that 4.5% of all bitcoin mining was taking place in Iran, partly as a result of the country’s cheap electricity.

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