The semi-official Tasnim agency in Iran said on Tuesday the 9th of August that Iran placed its first official import order using Cryptocurrency this week. This could allow the Islamic Republic to get around economic restrictions imposed by the United States.

The $10 million import order was a first step toward enabling the nation to conduct business through digital assets that do not rely on the dollar with other nations similarly constrained by U.S. sanctions, such as Russia. The agency however did not clarify which cryptocurrency was utilized in the transaction.

An official from the Ministry of Industry, Mine and Trade tweeted "By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,".

Iran is subject to an almost complete economic embargo by the United States, which includes a prohibition on all imports, including those from its banking, shipping, and oil industries. The use of cryptocurrency could free their economy from the crippling effects of the economic sanctions.

According to a research conducted last year, Iran accounted for 4.5% of all bitcoin mining activity, in part due to the cost-effective electricity there. Hundreds of millions of dollars could be made by Iran through cryptocurrency mining, which could be used to pay for imports and lessen the effects of sanctions.