Iran Opens Crypto-Facilitated Trade Channel Amid Ongoing Sanctions Pressure
The Central Bank of Iran has made it possible for businesses to use export revenues via Bitcoin and USDT to maintain trade under sanctions.
According to a report by the Financial Times, the bank has loosened foreign exchange controls in recent months, allowing companies to convert their export earnings through crypto exchanges in Iran at the market rate and use them for import payments.
This move is significant because previously, exporters were required to transfer a large portion of their foreign currency earnings to a state platform operating at the official rate, which often falls below the market rate. As a result, companies had to keep their money abroad or bring it into the country through undeclared channels.
The Central Bank has also relaxed its scrutiny of crypto exchanges, allowing businesses to use Bitcoin and USDT to bring revenues into the country and utilize them for commercial payments.