Iran's Trade Promotion Organization said $10 million in cryptocurrency was used recently for settling an import bill.
Alireza Peymanpak, the TPO chief, made the announcement in a tweet noting that the country is targeting implementation of smart contracts in foreign trade arrangements by October, Peyvast magazine quoted him as saying. It did not elaborate.
Ahmad Salehi, an advisor to the TPO, said last week that grounds are prepared for using cryptocurrency in foreign trade. "We have reached [preliminary] agreements and permits have been issued for using cryptos for import and export."
In January, the Central Bank of Iran and the Ministry of Industries, Mining and Trade reached agreement to link the CBI crypto platform to the Comprehensive Trade System, which allows businesses make use of cryptocurrency to settle overseas payments.
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