Iran increases use of cryptocurrencies amid U.S. sanctions
Iran is increasingly using cryptocurrencies to facilitate cross-border trade, according to the Financial Times. This shift comes as the country faces intensified U.S. sanctions and a naval blockade that have isolated it from traditional financial systems. The Iranian central bank has relaxed foreign currency controls in recent months, encouraging businesses to repatriate funds through various channels including crypto exchanges handling Tether's USDT and Bitcoin (BTC). These changes allow traders to bypass official exchange platforms by using the open market for transactions. The move reflects a broader trend as Iran struggles with economic pressure. Previously, exporters were required to sell foreign currency earnings at government-controlled rates that often undervalued their returns, prompting many businesses to keep funds abroad or repatriate them unofficially. With relaxed controls, traders can now directly finance imports using export revenues without going through the official system. In 2025 alone, nearly $10 billion worth of cryptocurrency moved through Iran, according to TRM Labs data.
Topics: cross-border trade cryptocurrencies Iranian economy U.S. sanctions