Iran Turns to Bitcoin and Tether Amid Sanctions
Iran is increasingly turning to cryptocurrencies like Bitcoin and Tether as US-led sanctions restrict conventional cross-border financial transactions. The country's central bank has relaxed some foreign-currency controls, allowing businesses greater flexibility to settle international transactions using digital assets.
Businesses involved in international trade prefer crypto transactions because they don't require correspondent-bank relationships or conventional payment channels. This creates another route for companies operating in an economy with restricted access to global banking infrastructure.
Stablecoins like Tether's USDT are particularly important, as they maintain a relatively stable value against the US dollar and can facilitate commercial transactions more effectively than volatile cryptocurrencies like Bitcoin.