Iran's crypto market reached $7.8B last year amid protests

Iran's cryptocurrency economy was valued at approximately $7.8 billion last year, Decrypt reported, citing a study by Chainalysis. The report found that BTC withdrawals from exchanges surged following large-scale anti-government protests and internet shutdowns late last year. Citizens reportedly used BTC as a safe-haven asset to protect against censorship, asset seizures, and the collapse of the national currency's value. In contrast, stablecoins were primarily used for remittances and daily payments. The study also noted that addresses believed to be associated with the Islamic Revolutionary Guard Corps (IRGC) accounted for over 50% of cryptocurrency inflows into Iran during the fourth quarter of the same year.