Iran has made its first bitcoin payment for an item worth $10 million, according to a tweet by Alireza Peyman Pak, the nation’s deputy minister of industry, mines, and trade. He claims that this is only the beginning of a lengthy string of such transactions.
The usage of cryptocurrency and smart contracts will be pervasive in international trade with target nations by the end of September.
The nation would complete its ambitions to enable widespread acceptance of cryptocurrencies for cross-border payments through this program. Businesses will soon be allowed to settle transactions with overseas partners using bitcoins. The Central Bank of Iran (CBI) and the Ministry of Industry, Mines and Trade have approved this move, according to local media.
“We are in the process of finalizing a mechanism for system operations. This should provide new opportunities for importers and exporters to use cryptocurrencies in their international transactions.”
Pak seems to have recognized that blockchain technology and cryptocurrencies are essential to everything Iran wants to do with its international commercial partners.
Due to its inexpensive power, Iran has grown to be a hotspot for bitcoin (BTC) miners. According to a Reuters investigation, 4.5 percent of all cryptocurrency mining takes place in Iran.