Iran found a dangerous loophole? The Muslim country has placed its first official import order using cryptocurrency, according to a Reuters report. Such a move could allow the Islamic Republic to circumvent the American sanctions that have left its economy crippled.
The order, reportedly worth $10 million, is a first step toward allowing the country to trade using digital assets that bypass the dollar-dominated global financial system, allowing it to trade with other countries similarly restricted by the U.S. Trade embargoes such as Russia It was not clarified which cryptocurrency was used in the transaction.
Iran has been subject to an almost total economic embargo from the US, including a ban on all imports, including that from the country’s oil, shipping and banking sectors. Tehran, the capital city of Iran, is one of the major economies that has yet to adopt crypto technologies.