Iran Ditches Dollar-Based Trade for Crypto Amid US Sanctions

The Central Bank of Iran has relaxed its foreign exchange rules to allow businesses to use cryptocurrencies like Bitcoin and Tether for cross-border trade. This move is a response to the US sanctions that have made it difficult for Iranian companies to access international payments.

The Iranian rial has fallen sharply against the US dollar, with prices reaching over 2 million per dollar in the open market. Traditional correspondent banking channels have also become increasingly difficult to use under US sanctions.

As a result, cryptocurrencies like Bitcoin and Tether are becoming more attractive for trade and investment. The Central Bank of Iran has eased controls around foreign currency, allowing exporters to bring overseas earnings back through domestic crypto exchanges.