Are the Based Mullahs going to fix the crypto crash?
Seems like it.
Tehran has officially approved the use of cryptocurrency for imports instead of the US dollar and the euro, Minister of Industry, Mines and Trade Reza Fatemi Amin said on Monday.
“All the issues related to crypto-assets, including how to provide fuel and energy, and how to assign and grant licenses were devised,” the minister announced.
Earlier this month, the Islamic Republic made its first official import order using cryptocurrency, worth $10 million. It was a test run for allowing the country to trade through digital assets that bypass the US sanctions regime. The use of crypto will also allow trade with other countries under US restrictions.
It is expected that by the end of September, the use of cryptocurrencies and smart contracts in Iran will be widely used in foreign trade.
This news is technically more than 36 hours old at time of writing, and there has been zero pump on the Eastern Front.
But it could well be the beginning of something.
We were saying, as soon as the US put those sanctions on Russia, that it was only a matter of time before someone said “well, I know an obvious way around this.” It makes sense Iran was the first, since they were sort of the alpha version of the Russian sanctions. Russia is now sanctioned more than Iran, but Iran was the first country where they established proof-of-concept for just banning someone from the dollar system (which Adolf Hitler’s Germany was never banned from, actually).
We’ll have to see who Iran is doing this trade with. If it’s just third world countries, that doesn’t really mean very much.
At some point, Russia, China, and/or India is going to get on board the bit-train, and then we’re going to the Mon.
I mean the Moon.
We’re going to the Moon.