Iran's central bank has eased foreign-currency controls, letting exporters bring overseas earnings home through Bitcoin and Tether's USDT as US sanctions squeeze traditional banking. Exporters can now fund imports directly from those earnings instead of first converting at official exchange rates. The shift comes as the rial weakens sharply and Washington keeps tightening sanctions on Iran's crypto exchanges.
Iran's central bank has reportedly eased foreign-currency controls to encourage businesses to bring overseas earnings home, including through cryptocurrency, the Financial Times reported Wednesday, according to Cointelegraph. Exporters can now settle cross-border transactions using Bitcoin and Tether's USDt through Iranian crypto exchanges rather than routing everything through the state's official platform.
The new rules also let exporters fund imports directly from their earnings without first selling foreign currency at official rates. The Central Bank of Iran did not respond to a request for comment on the report.
Rial slides as inflation climbs
The move comes as Iran's currency weakens under sanctions pressure. The rial has fallen to more than 2 million per US dollar in the open market, while inflation has climbed sharply, Coinpedia reported. Traditional correspondent banking has also grown harder to use under sanctions, pushing crypto into a bigger role.
Iran now accounts for about 4.5% of global Bitcoin mining activity, according to blockchain analytics firm Elliptic. Roughly $10 billion worth of cryptocurrency moved through Iran in 2025, according to on-chain data cited by Coinpedia. Tether's stablecoin USDT, tied to the dollar, offers Iranian traders a steadier option than the weakening rial.
US Treasury sanctions Iranian crypto exchanges
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 denied any commercial relationship with the Iranian government, according to Cointelegraph.
Also in June, the US Treasury sanctioned four Iranian crypto exchanges as part of its "Economic Fury" campaign. Treasury Secretary Scott Bessent said the US had seized about $1 billion in Iranian crypto assets. Separately, the Treasury sanctioned Nobitex, Iran's largest crypto exchange, accusing it of helping evade sanctions, Coinpedia reported.
On July 14, Bessent said US authorities had frozen more than $130 million in crypto held in wallets linked to Iran's central bank. Bessent has also warned that digital assets could become another target under the administration's broader "Operation Economic Outcast", according to Coinpedia. Greater use of crypto could bring more scrutiny from US regulators and increase the risk of further sanctions on exchanges, banks and intermediaries, Coinpedia reported.
Sources: Cointelegraph.com News, Coinpedia Fintech News
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