Iran has intensified the use of cryptocurrencies to keep its trade channels open and evade the blockade and sanctions from the United States, in order to preserve its economic and military capabilities in the current standoff with Washington.
The Iranian central bank has urged investors and entrepreneurs to repatriate capital to bolster the country's economy, promoting among other means the use of crypto assets to close cross-border operations through cryptocurrency exchange platforms based in Iran, according to internal sources of the regime to the "Financial Times".
The relaxation of regulations also allows for a greater margin for currency exchange in the local market, outside of the official rates set by the Government of the Islamic Republic. In addition, exporters are authorized to directly use the income obtained abroad to import goods, without the need to channel those funds through the official exchange system.
"The central bank does not ask how that money was transferred. Receiving cryptocurrencies as payment for exports is already something common," explained to the "FT" an executive of a company close to the Iranian government.
In parallel, the pressure from the United States on Iran has intensified in the economic field, adding to the physical blockade and bombings, with the launch of the "Economic Pariah" operation, through which the Department of the Treasury aims to completely suffocate the Iranian economy.
As part of this strategy, the Trump Administration has initiated a new round of sanctions aimed at international banks that, according to Washington, facilitate or execute transactions linked to the financing of Iran.
So far, the Turkish bank Golden Global Bank and the Egyptian entity Misr, the second largest bank in Egypt, have been added to the list of institutions designated by the U.S. Office of Foreign Assets Control (OFAC).