Iran would be leveraging the advantages of cryptocurrency to sell its weapons to other countries.
According to a report by the Financial Times, the Ministry of Defense Export Center of Iran, also known as Mindex, will accept the use of cryptocurrency for the acquisition of its products, including advanced military weaponry such as ballistic missiles and drones.
Payments in digital currencies and in barter arrangements would have been mentioned in documents examined by FT. This would make it the first time that a country publicly acknowledges openness to receiving payment in crypto for weaponry.
The use of cryptocurrency would facilitate the payment for this equipment to Iran. Iran’s military industry is under unilateral sanctions from the U.S, making it difficult for interested parties to complete these payments using traditional rails.
The ministry’s web page confirms FT’s reports, as it openly mentions that payments can be completed “in the form of payment in the cryptocurrency agreed upon in the contract,” including barter.
The website presents an Amazon-like marketplace for these kinds of products, ranging from simple ammunition to armored tanks and missiles.
Nonetheless, Mindex confirms that the buyers of these products will have to make specific “commitments to the seller regarding the use of the purchased product during a war with another country” at the time of signing the supply contract.
The institution highlights that due to Iran’s history of sidestepping sanctions, the delivery of these products is almost guaranteed to happen. The ministry stresses these products will reach buyers “as soon as possible” after the contract gets processed.
Read more: Iran Faces Largest Protests in Three Years Amid Soaring Inflation and Currency Crisis
- How is Iran planning to use cryptocurrency in its military sales?
Iran will accept cryptocurrency payments for military products, including advanced weapons like ballistic missiles and drones. - What does the Ministry of Defence Export Center reveal about payment methods?
Mindex acknowledges that payments can be made in cryptocurrency or through barter arrangements, marking a first for a country openly engaging in crypto arms transactions. - Why is Iran turning to cryptocurrency for these transactions?
Due to U.S. sanctions, traditional payment methods are hindered, making cryptocurrency a viable alternative for facilitating payments. - What commitments must buyers make when purchasing Iranian military products?
Buyers must agree to specific commitments regarding the use of the purchased products, particularly in the context of warfare against other countries.
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