Iran Allows Exporters to Use Crypto for Cross-Border Trades

The Iranian central bank has relaxed its rules governing cross-border trades, allowing exporters to settle transactions through domestic crypto exchanges using Tether and Bitcoin. This change is believed to have occurred since the US and Israel launched military action in February.

Under the previous system, exporters had to return a large share of their earnings and sell them at official rates well below market prices. Now, traders can exchange currency on open markets instead of using the government platform.

Tether has frozen around $475 million in Iranian wallets, demonstrating its ability to freeze tokens across blockchains. This mechanism allows Tether to freeze tokens regardless of which blockchain they are on.