Iran makes first import order using cryptocurrency - report

FILE PHOTO: Representations of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

DUBAI (Reuters) -Iran made its first official import order using cryptocurrency this week, the semi-official Tasnim agency reported on Tuesday, a move that could enable the Islamic Republic to circumvent U.S. sanctions that have crippled the economy.

The order, worth $10 million, was a first step towards allowing the country to trade through digital assets that bypass the dollar-dominated global financial system and to trade with other countries similarly limited by U.S. sanctions, such as Russia. The agency didn't specify which cryptocurrency was used in the transaction.