Crypto: Towards Wider Adoption of Digital Assets in Iran

In Iran, cryptos are increasingly accepted for payment of goods and services. The government recently announced that it intends to extend the use of these assets to foreign trade before the end of the year. It will be the same with smart contracts.

Cryptocurrencies are increasingly adopted in Iran

According a tweet from Bitcoin Archive on August 9, the Ministry of Industry of Iran said that “Iran’s use of cryptocurrencies and smart contracts will be widespread in foreign trade by September“. You should know that the Iranian government has been very favorable to cryptos lately. Yet, in the past year and at the start of this year, it repeatedly pushed back against crypto-related activities.

Remember that Iran has made bitcoin (BTC) mining legal in 2019. Later, the government came up with a policy to promote the use of mined bitcoins when transacting in the country. Then, the adoption of digital assets which was already at an interesting level in Iran, increased a lot. In January 2022, there were already 12 million Iranians holding various cryptos.

It must be said that cryptos allow Iranians to to face the heavy sanctions of the United States. The latter have greatly affected Iran’s economy in many sectors. That said, the Iranian government had announced earlier this year that Iran would trade in bitcoins (BTC) with Russia, India, and China. He was therefore going to authorize the payment of imports in BTC. Obviously, this decision was intended to circumvent the American embargo.

In recent years, Iran has turned a lot to cryptocurrencies, especially bitcoin (BTC) to circumvent the American embargo. More and more Iranian citizens are embracing cryptocurrency and recognizing that it can improve a country’s economic situation.

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