The Financial Times reports that Iran is utilizing cryptocurrencies, specifically bitcoin, to facilitate cross-border transactions. This activity is conducted through Iranian crypto exchanges following guidance from the central bank to take all necessary measures to support the national economy.
According to business insiders and analysts, the central bank has quietly encouraged traders to maintain money flow. One source noted that the central bank does not question the methods used for transferring these funds.
The country faces severe economic pressure due to long-term sanctions and a naval blockade that has reduced oil exports by more than 80%. This pressure intensified following an escalation in late 2025 and conflicts with the U.S. and Israel starting in February 2026.
To mitigate risks, Iran launched a bitcoin-backed insurance service for its shipping companies earlier this year. The U.S. Treasury's Office of Foreign Assets Control (OFAC) stated that the Hormuz Safe system, developed by the Ministry of Economy, accepts bitcoin and other digital assets to bypass sanctions.
OFAC also reported that Iran accepts bitcoin payments from ships passing through the Strait of Hormuz. While the U.S. froze crypto assets linked to the regime in July, primarily Tether stablecoins, bitcoin remains unfrozen due to its decentralized nature.