Iran Turns to Cryptocurrency to Bypass US Sanctions

The Central Bank of Iran has relaxed restrictions on using cryptocurrency for international payments amid strict currency regulations and a US blockade.

Businesses are now allowed to use cryptocurrencies such as Tether (USDT) and Bitcoin for cross-border transactions through Iranian exchanges, and can also conduct foreign currency trades on the open market without official exchange rates.

An Iranian businessman close to the government told the Financial Times that 'the central bank doesn't ask how this money was transferred.'

The use of cryptocurrency has become a vital tool for international payments in Iran, with nearly $10 billion worth of crypto assets transferred through the country last year, according to analytics firm TRM Labs.