Iran expands crypto use to bypass U.S. sanctions, annual volume reaches $10B

Iran is expanding its use of cryptocurrencies to reduce trade disruptions caused by U.S. sanctions and blockades, the Financial Times reported. Over recent months, Iran’s central bank has effectively eased foreign-exchange rules to let companies bring export proceeds back into the country, while also allowing cross-border payments through assets including USDT and BTC, according to the report. TRM Labs said cryptocurrency volume moving through Iran reached around $10 billion last year. Iran has also used crypto mining as a tool to circumvent sanctions, with Elliptic estimating the country accounted for about 4.5% of global BTC mining output. The Financial Times said crypto is becoming increasingly important in Iran as U.S. financial pressure intensifies.