Iran Seeks Economic Stability with Bitcoin Amid Ongoing Sanctions
Iran is employing Bitcoin as a means to circumvent sanctions and maintain its economy's stability. According to reports, the country's central bank has turned a blind eye to this practice, allowing its citizens to use cryptocurrencies like Bitcoin for cross-border transactions through local exchanges.
The Financial Times reported on Wednesday that the Iranian government had quietly encouraged traders to facilitate money flows to help their struggling economy. One business insider stated that the central bank does not inquire about the methods used to transfer funds.
Iran has been under sanctions for decades, with a sharp escalation beginning in late 2025 due to UN snapback measures, EU restrictions, and expanded U.S. energy sanctions. The country also faces one of the highest inflation rates globally.
The U.S. Treasury's Office of Foreign Assets Control (OFAC) stated that Iran had been dodging sanctions by accepting Bitcoin payments from ships passing through the Strait of Hormuz. OFAC highlighted that Hormuz Safe, developed by Iran's Ministry of Economy, accepts payment in Bitcoin and other digital assets to bypass sanctions.