Iran Turns to Bitcoin and Tether Amid US Sanctions

Iran has turned to digital currencies such as Bitcoin and Tether to facilitate cross-border trade amidst economic isolation caused by US sanctions. The Iranian central bank has relaxed foreign-exchange controls, allowing exporters to use these cryptocurrencies via domestic crypto exchanges to move export revenues directly into imports.

This shift enables Iran to maintain trade flow despite the restrictions, but it also carries risks as US authorities have sanctioned Iranian crypto exchanges and warned about potential penalties for foreign entities dealing with them.

The move highlights the growing role of digital assets in countries facing financial isolation, but it's unlikely that cryptocurrencies will fully replace conventional banking for Iran anytime soon.