Iran has reportedly changed its foreign-exchange framework to give companies more options for bringing export income back into the country, with the new arrangements permitting digital assets in international payments amid tighter US sanctions.
According to a Wednesday report from the Financial Times, Iranian businesses can now use Bitcoin (BTC) and Tether’s USDt (USDT) to pay overseas counterparties, with transactions processed through domestic crypto exchanges.
Exporters have also gained more control over money they earn outside Iran. Rather than sending those proceeds through the state-run exchange system and converting them at government-set rates, companies can put the funds directly toward their own import costs.
US Targets Iranian Crypto Assets and Exchanges
Washington has meanwhile targeted Iranian activity in the crypto sector through measures covering both trading platforms and digital assets. In early June, the Treasury sanctioned four Iranian crypto exchanges under its “Economic Fury” campaign.
Treasury Secretary Scott Bessent said shortly before those sanctions were unveiled that the United States had gained control of Iranian digital assets valued at approximately $1 billion.
Bessent announced another action on July 14, saying US authorities had directed the freezing of crypto worth more than $130 million in wallets connected to Iran’s central bank.
Separate blockchain research has also revealed the extent of crypto activity involving sanctioned Iranian parties. TRM Labs said in June that transactions linking CoinEx to sanctioned Iranian entities totaled more than $3.8 billion over more than seven years.
CoinEx disputed suggestions that it maintained business ties with the Iranian state or crypto trading platforms based in the country. The exchange also said it had not helped sanctioned entities obtain financing.