Iran Eases Currency Rules with Cryptocurrency Bypass
The Central Bank of Iran has relaxed its foreign currency controls to encourage businesses to repatriate their overseas earnings, including through cryptocurrency. According to a report by the Financial Times, exporters can now use Tether's USDt and Bitcoin to settle cross-border transactions through Iranian cryptocurrency exchanges.
This move aims to bypass US sanctions, which have been tightening on Iran in recent months. In June, blockchain analytics company TRM Labs reported that over $3.8 billion had flowed between crypto exchange CoinEx and sanctioned Iranian entities over seven years.
CoinEx denied any commercial relationship with the Iranian government or domestic exchanges, stating they never provided funding channels to sanctioned parties.