Iran Eases Currency Controls to Facilitate Crypto Transactions Amid Sanctions
- Iran’s central bank has relaxed foreign currency controls to encourage businesses to repatriate overseas earnings, including through cryptocurrency.
- Exporters can now use Tether’s USDt (USDT) and Bitcoin (BTC) for cross-border transactions via Iranian exchanges.
- TRM Labs reported over $3.8 billion in crypto flows between exchange CoinEx and sanctioned Iranian entities over seven years.
- In June, the US Treasury sanctioned four Iranian crypto exchanges as part of its “Economic Fury” campaign.
- US authorities have frozen more than $130 million in crypto linked to Iran’s central bank since July.
The easing of currency controls allows exporters to finance imports directly without converting foreign currency at official rates, potentially increasing the use of cryptocurrencies in Iran’s economy.
This shift comes as the US Treasury continues its sanctions efforts, having seized approximately $1 billion in Iranian crypto assets recently.(Source)
