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Iran places its first international order via use crypto as payment mode to deal with US sanctions

On August 9, Alireza Peyman-Pak, Iran’s vice minister of Industry, Mines, and Trade as well as the president of the Trade Promotion Organisation, announced on Twitter that the country had placed its first international import order using cryptocurrency.

This order was for goods coming from another country. “This week, the first official import order was successfully placed with #cryptocurrency worth 10 million dollars,” he wrote, adding that the use of cryptocurrencies and smart contracts would become commonplace in Iran’s foreign trade by the end of September.

Iran was subjected to severe economic sanctions by the United States in 1979, ostensibly as a reaction to Iran’s nuclear programme and sponsorship of a variety of organisations that the United States classifies as terrorist groups. Since that time, Iran has been unable to access the global financial system that is denominated in dollars in order to do business with other nations.

The announcement made by Iran comes just one day after the United States Treasury Department added Tornado Cash’s website and smart contracts to its list of sanctions, effectively banning all residents of the United States from using the protocol that protects users’ privacy and putting them at risk of being prosecuted for doing so.

The action taken yesterday marks the first time that the United States has sanctioned a piece of code rather than an actual or legal person. This has led advocates for free speech and privacy rights to question whether or not such an action is within the bounds of the law.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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