The Central Bank of Iran has discreetly relaxed its currency restrictions, now allowing the use of cryptocurrencies in international trade. This development was reported by Financial Times, citing businessmen, government representatives, and analysts.
Recently, the regulator has encouraged the repatriation of foreign earnings "by any means available," as U.S. sanctions and military conflicts have intensified pressure on the nation’s financial system.
"The Central Bank does not inquire about how the money was transferred. Receiving cryptocurrency as payment for exports has now become completely routine," said a company head close to Iranian authorities to FT.
Exporters Allowed to Bypass Official Currency Market
Previously, exporters were required to return a significant portion of their foreign earnings to Iran and sell it through a state-controlled platform at an official rate, which was often much lower than the market rate. This discrepancy encouraged market participants to keep their funds undeclared or abroad.
In July, it was reported that over 20,000 individuals and companies had failed to meet their obligations to return export revenues totaling approximately €94 billion, including state-owned oil and gas enterprises.
Iran's chief state inspector indicated that around 20,000 individuals and firms have unresolved foreign currency obligations amounting to €94 billion. He noted that 225 entities owe more than €50 million each, including three linked to oil companies.
According to FT, companies can now exchange currency on a large open market instead of relying on state rates, directly use export revenues to pay for imports, and conduct some cross-border transactions through Iranian crypto platforms.
One steel exporter working with China mentioned to the publication that while he hasn’t yet used digital assets, he has gained the ability to allocate foreign earnings directly for purchasing necessary materials.
"Previously, we had to promise to return export revenues to the country and sell them at a lower price on a special platform, which was absurd. Now exporters can use their funds to import what their business needs," he stated.
Nonetheless, authorities have not abandoned the requirement to return already accumulated foreign earnings. Reports indicate that investigations are underway concerning 219 individuals and companies due to €23.5 billion in unreturned funds. Twenty-two individuals linked to oil trading have been detained, and warrants have been issued for another 19.
USDT Becomes the Main Cryptocurrency Tool
For cross-border transactions, companies primarily utilize USDT, although FT sources also mentioned Bitcoin and other digital assets. The stablecoin is favored for such operations due to its dollar peg and the ability to transfer value without traditional correspondent banking channels.
Ali Reza Bozorgmehri, a member of the Iran Digital Transformation Association, confirmed to the publication that the Central Bank has eased oversight of crypto exchanges and "no longer insists" on strict adherence to previous regulations.
According to TRM Labs, approximately $10 billion in digital assets flowed through addresses and services linked to Iran in 2025, down from $11.4 billion in 2024. Analysts view the stable volumes as indicative of structural demand rather than purely speculative activity.
However, cryptocurrencies are still unable to fully replace traditional financial infrastructure. Bozorgmehri noted that despite the increasing turnover of Iranian exchanges, their scale is insufficient to meet all of the country’s foreign trade needs.
US Intensifies Pressure on Iran's Crypto Channels
The easing of regulations coincides with heightened U.S. sanctions targeting the digital asset sector. On August 24, the U.S. Treasury included Iran's cryptocurrency sector among five industries at risk of secondary economic restrictions.
"The Iranian regime is increasingly turning to cryptocurrencies as a preferred tool to circumvent sanctions," stated the U.S. Treasury.
The agency indicated that it could impose restrictions on foreign individuals and companies working in Iran's digital asset sector or providing services to it, regardless of jurisdiction.
In June, the Office of Foreign Assets Control (OFAC) also sanctioned four major Iranian crypto exchanges—Nobitex, Wallex, Bitpin, and Ramzinex. According to TRM Labs, these exchanges accounted for about $7.7 billion, or 78% of Iran's attributed cryptocurrency turnover in 2025.
Central Bank Itself Used USDT
In January, analysts from Elliptic found that the Central Bank of Iran purchased at least $507 million in USDT. Researchers speculated that part of these funds might have been used to support the rial’s exchange rate amid limited access to traditional currency reserves.
In April, Tether blocked $344 million in USDT across two addresses at the request of U.S. authorities. FT reported that the U.S. linked these wallets to the Iranian central bank. In July, the company froze an additional $131 million in USDT across four addresses also associated with the regulator.
Besides stablecoins, Iran leverages its energy resources to mine Bitcoin. Elliptic's estimate suggests that Iran accounted for about 4.5% of the global mining of the first cryptocurrency. However, this estimate is based on data from 2020-2021 and does not reflect the confirmed share for 2026.
Political economist Saeed Leylaz believes that the role of digital assets will increase as remaining traditional financial channels narrow.
"The more the economy goes underground, the greater the need for cryptocurrencies. There are holes in the blockade," he commented to FT.
It is worth noting that in April, Bitwise's investment director Matt Hougan and research head Ryan Rasmussen concluded that the conflict in Iran has brought Bitcoin closer to functioning as a real medium of exchange.