Iran Opens Up to Cryptocurrencies Amid Tightening US Sanctions

The Iranian government has relaxed its foreign exchange rules to allow companies to use digital assets in international payments. This move comes as a result of tighter US sanctions, which have limited Iran's access to traditional financial channels. According to the Financial Times report, businesses can now use Bitcoin (BTC) and Tether's USDt (USDT) for overseas transactions.

The transactions will be processed through domestic crypto exchanges. The new arrangements aim to give companies more options for bringing export income back into the country. The 24-hour spot volume for cryptocurrencies has seen a decline of 5.98%, with a market cap of $2.78 trillion and an increase of 0.31%.