Iran Unveils Crypto-Friendly Currency Rules to Dodge US Sanctions
Iran's central bank has relaxed its foreign currency controls to encourage businesses to bring in overseas earnings, including through cryptocurrency. This move comes as a response to tightening US sanctions, which have made it increasingly difficult for Iranian companies to access their hard-earned cash abroad.
The new rules allow exporters to fund imports directly without first selling their foreign currency on the government's exchange platform at official rates. This is a significant shift in policy, as previously, exporters were required to sell their earnings through the official channels before using them to finance imports.
As part of this easing of restrictions, Iranian businesses are now free to use cryptocurrencies like Tether's USDt (USDT) and Bitcoin (BTC) to settle cross-border transactions via local exchanges. This move is seen as a way for Iran to bypass US sanctions, which prohibit the country from accessing its foreign reserves held in American banks.