Iran Turns to Cryptocurrencies to Circumvent International Sanctions

Iran is accelerating its adoption of cryptocurrencies as a strategic tool to bypass U.S. and UN sanctions. The renewed sanctions, triggered by Iran's uranium enrichment activities, have severed the country from the SWIFT payment system, compelling it to seek alternative financial channels.

Speaking at the government-backed deBlock Summit, Mohammed Bagher Ghalibaf, Speaker of the Iranian Parliament, championed digital assets as a means to facilitate trade independence. "Cryptocurrencies provide new ways to do business and to pay for trade," Ghalibaf declared. "They can support independent nations." Iran aims to position itself as a regional blockchain hub, with plans to settle cross-border transactions in digital assets.

The government is actively developing the technological infrastructure to integrate cryptocurrencies into its trade framework. Ghalibaf emphasized collaboration with academia and industry to advance this initiative, signaling a long-term commitment to crypto adoption despite geopolitical pressures.