Iran has been exploring the use of cryptocurrencies, including Bitcoin, to facilitate international trade and mitigate the impact of economic sanctions.
In August 2022, Iran reportedly placed its first official import order using cryptocurrency, valued at $10 million, as part of a broader strategy to bypass U.S. sanctions and conduct trade through digital assets.
Following this, the Iranian government approved the use of cryptocurrencies for imports, aiming to integrate digital currencies into its foreign trade operations.
While these developments indicate Iran’s interest in leveraging cryptocurrencies for international transactions, there is currently no verified information confirming that Iran has settled oil contracts specifically using Bitcoin.
Discussions and analyses have considered the potential for such arrangements, but concrete evidence of oil sales settled in Bitcoin remains unsubstantiated.
It’s also noteworthy that Iran’s central bank has exhibited a complex stance toward cryptocurrencies. In late 2024, the Central Bank of Iran blocked payment gateways for cryptocurrency exchanges, reflecting internal debates and regulatory challenges surrounding the adoption of digital currencies.
In summary, while Iran is actively exploring and implementing the use of cryptocurrencies in certain sectors to circumvent economic sanctions, there is no confirmed evidence to date that the country has settled oil contracts using Bitcoin specifically.
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