Iran Turns to Cryptocurrency Amid US Sanctions
Iran has eased its strict foreign exchange rules to boost crypto trade amid US sanctions. The move allows businesses to use Bitcoin, Tether, and other digital assets for cross-border trade.
The easing of currency rules comes as the Iranian rial has fallen to over 2 million per US dollar in the open market, while inflation has climbed sharply. Traditional correspondent banking channels have also become increasingly difficult to use under US sanctions.
The Central Bank of Iran has eased controls around foreign currency, allowing exporters to bring overseas earnings back through domestic crypto exchanges. Businesses can now use their export earnings directly to pay for imported raw materials and goods instead of first converting the money through the government-controlled foreign exchange system.