Iran is gradually loosening its strict foreign-exchange controls and quietly allowing businesses to use cryptocurrencies, especially Tether (USDT) and Bitcoin, for cross-border transactions, the Financial Times reported. The move comes as Tehran tries to cope with the damage that U.S. sanctions and war have inflicted on the economy and financial system.
Central bank has encouraged companies to repatriate overseas funds
People familiar with the matter told the Financial Times that the Central Bank of Iran has in recent months quietly encouraged businesses to bring money held abroad back into the country through different channels. One of those channels is the use of local crypto exchanges to settle cross-border trade.
Under the arrangement described in the report, companies can buy foreign currency on the open market and use export proceeds directly to pay for imported goods, without sending all of those funds through the country’s official foreign-exchange system.
One business executive close to Iran’s ruling establishment said the central bank is no longer asking how money is being moved, adding that 「using cryptocurrency to receive export payments has become completely normal」.
Report says about $10 billion in crypto flowed through Iran in 2025
Data cited in the report showed that roughly $10 billion worth of cryptocurrency moved through Iran in 2025.
Blockchain analytics firm Elliptic also estimated that Iran accounts for about 4.5% of global Bitcoin mining activity. According to the report, low-cost energy has enabled the country to mine Bitcoin and obtain crypto assets that can be used to import goods and work around trade restrictions.
Large amount of undeclared income remains outside formal channels
At the same time, Iran still has more than $100 billion in undeclared overseas and domestic earnings, the report said.
Iran’s top audit body had previously said that more than 20,000 individuals and companies failed to meet obligations to return about €94 billion in export revenues.
Crypto is gaining importance, but market size remains limited
The Financial Times said cryptocurrencies are becoming an important tool for Iran to maintain cross-border trade and obtain external funding as the United States tightens restrictions on Iranian financial channels.
Still, people in Iran’s crypto industry said trading volumes remain too small to meet the needs of the country’s large economy.
Tether had previously frozen about $344 million in wallet assets linked to Iran’s central bank, and the U.S. Treasury has warned that digital-asset transactions involving Iran may expose participants to sanctions risk.