Rial Crashes as Washington Targets Iran's Crypto Lifeline
The Iranian rial has plummeted to a record low of 2.02 million per dollar after Washington launched Operation Economic Outcast, a sweeping sanctions package targeting Iran's economy.
Treasury Secretary Scott Bessent said the goal is to cut off Bank Melli's access to US dollars or force it to shut down entirely, which could trigger secondary sanctions on trading partners within weeks.
The move comes as the International Monetary Fund projects Iran's annual inflation will average 68.9% in 2026, with the economy contracting 5.4%, and rice and beef prices already sharply higher since the pressure intensified.
Iran's crypto sector has been a lifeline for the country, with state-affiliated farms linked to the Islamic Revolutionary Guard Corps controlling an estimated 65% of Bitcoin mining capacity.