According to a tweet from Alireza Peyman Pak, Iran’s Vice Minister of Industry, Mine, and Trade, the government has successfully fulfilled its first international trade order for $10 million in bitcoin, as reported by Cryptoslate.
With the decision, the government is putting the finishing touches on its preparations to permit the widespread use of cryptocurrencies for international settlement.
Companies can now settle payments with foreign partners using cryptocurrencies. The Central Bank of Iran (CBI) and the Ministry of Industries, Mining, and Trade have approved this development, according to local media sources.
Due to its inexpensive electricity, Iran has become a popular destination for Bitcoin (BTC) miners. Iran currently accounts for 4.5% of global mining activity, according to a Reuters analysis.
There are 12 million cryptocurrency owners in Iran, according to Bitestan, a local crypto exchange.
“Iranians’ daily crypto transactions are estimated between 30 and 50 trillion rials ($181 million), and More than 88% of the deals are conducted via local exchange platforms,” Bitestan CEO, Hamed Mirzaei, said.
(With insights from Cryptoslate)