- Iran’s central bank has eased foreign currency controls to encourage businesses to repatriate overseas earnings, including through cryptocurrency.
- Exporters can now use Tether’s USDt (USDT) and Bitcoin (BTC) to settle cross-border transactions via Iranian cryptocurrency exchanges.
- The new rules allow exporters to fund imports directly with overseas earnings without first selling foreign currency at official government rates.
Iran’s central bank has reportedly loosened foreign currency controls to encourage businesses to bring overseas earnings home, including through cryptocurrency, as tightening US sanctions strain the economy. The Financial Times reported Wednesday that exporters can now use Tether’s USDt (USDT) and Bitcoin (BTC) to settle cross-border transactions via Iranian cryptocurrency exchanges.
Under the eased rules, exporters can fund imports directly with their overseas earnings without first selling foreign currency through the government’s exchange platform at official rates, according to the report. This move aims to bypass the financial restrictions imposed by US sanctions by leveraging digital assets for international trade.
Consequently, Iranian businesses may increasingly turn to crypto to move value across borders, reducing reliance on the traditional banking system. The policy shift underscores how sanctioned economies are adopting digital currencies as alternative payment rails.
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