Iran eases currency controls to let traders bring earnings home in crypto: FT
Iranian authorities have reportedly eased foreign-currency controls, allowing businesses to use cryptocurrency exchanges to settle cross-border transactions and repatriate earnings. This move is intended to help the country bypass US sanctions and access over $100 billion in undeclared foreign earnings.
Why it matters
The use of crypto to circumvent international sanctions highlights the growing role of digital assets in geopolitical economic warfare and the challenges of global financial enforcement.
Businesses said authorities have eased foreign-currency controls in recent months, allowing traders to settle cross-border transactions through Iranian crypto exchanges, the Financial Times reported citing regime insiders and analysts
The reported shift addresses a longstanding obstacle for exporters. Previously, businesses had to return a large share of their foreign earnings through a government-run platform at official exchange rates that were often below market rates, giving them an incentive to leave money overseas or bring it back without declaring it.
Traders can now exchange foreign currency at market rates and use export proceeds to pay for their own imports without routing the money through the official system, the FT reported.
Iranian authorities estimate that businesses have accumulated more than $100 billion in undeclared earnings at home and abroad.
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