Iran’s central bank has reportedly relaxed foreign-exchange controls, giving businesses more room to bring overseas earnings back into the country as US sanctions tighten. According to the Financial Times, the change allows firms to use cryptocurrencies including Tether’s USDt (USDT) and Bitcoin (BTC) to settle cross-border transactions through Iranian crypto exchanges. Exporters are also said to be able to use foreign earnings directly to pay for imports instead of first converting them through the government’s exchange platform at official rates.
The reported move comes as Washington steps up crypto-related pressure on Iran. In June, TRM Labs said more than $3.8 billion had moved between CoinEx and sanctioned Iranian entities over more than seven years. CoinEx denied any commercial ties with the Iranian government or domestic Iranian exchanges and said it had never provided funding channels to sanctioned parties. The US Treasury also sanctioned four Iranian crypto exchanges in early June, while Treasury Secretary Scott Bessent later said US authorities had seized about $1 billion in Iranian crypto assets and, on July 14, ordered a freeze on more than $130 million in crypto tied to wallets linked to Iran’s central bank.
Iran’s central bank has reportedly loosened foreign-currency controls as the country looks for ways to bring overseas earnings home under tighter US sanctions, according to a Wednesday report from the Financial Times.
The report said businesses can use cryptocurrencies, including Tether’s USDt (USDT) and Bitcoin (BTC), to settle cross-border transactions through Iranian cryptocurrency exchanges.
Export earnings can be used for imports directly
Under the reported change, exporters can also use overseas earnings to finance imports directly without first selling their foreign currency through the government’s exchange platform at official rates.
The Central Bank of Iran did not respond to Cointelegraph’s request for comment.
US pressure on Iran-linked crypto activity has intensified
In June, blockchain analytics firm TRM Labs reported more than $3.8 billion in flows between crypto exchange CoinEx and sanctioned Iranian entities over more than seven years. CoinEx rejected the claim that it had any commercial relationship with the Iranian government or domestic Iranian exchanges, and said it had never provided funding channels to sanctioned parties.
In early June, the US Treasury sanctioned four Iranian crypto exchanges as part of its “Economic Fury” campaign. Days before those sanctions, Treasury Secretary Scott Bessent said the United States had seized about $1 billion in Iranian crypto assets.
On July 14, Bessent said US authorities had directed a freeze of more than $130 million in crypto held in wallets linked to Iran’s central bank.
A related report also said US authorities froze $344 million in crypto linked to Iran.
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