Iran Turns to Crypto as Sanctions Tighten
Iran is doubling down on digital assets as a geopolitical escape hatch, urging BRICS nations to accept crypto for cross-border trade as sanctions intensify. Officials at the deBlock Summit in Tehran argued that the country’s economic future hinges on digital currencies, framing them as both a strategic lifeline and a pathway to de-dollarization. The push comes after France, Germany, and the U.K. reactivated sanctions in August 2025, citing renewed concerns about Iran’s nuclear program. With Iran long excluded from SWIFT, officials now see crypto as essential to keeping the country connected to global markets.
BRICS Outreach and Iran’s Ambition for a Crypto-Powered Trade System
Addressing the summit, Speaker of the Iranian Parliament Mohammad Bagher Ghalibaf promoted crypto as a tool for economic independence
Ghalibaf emphasized that Iran aims to become a regional and global hub for blockchain technology, urging BRICS partners to conduct trade using digital assets instead of the U.S. dollar. He described crypto-based payments not as an option but as “a necessity for the country” citing the urgency of building infrastructure capable of handling decentralized finance at scale.
Political Messaging Meets Technical Challenges
Ghalibaf also announced the government’s “readiness to work with academics, researchers, and businesses” to accelerate digital asset development. Conference chairman Pooria Asteraky reinforced the message, describing crypto as a pivotal tool for de-dollarization, arguing that decentralized systems offer nations a way to reduce reliance on Washington-controlled financial networks. Asteraky said the BRICS bloc was designed to challenge currency centralization, stressing that digital assets could reduce the amount of U.S. dollars held in national reserves. Meanwhile, U.S. President Donald Trump has repeatedly warned BRICS nations against creating their own currency, even threatening tariffs if they move forward.
Private Sector Pushback and Regulatory Gaps
Despite political enthusiasm, Iran’s private sector remains skeptical.
Mehdizadeh argued that Iran cannot be both under sanctions and unprepared to regulate new financial technologies, highlighting the central bank’s restrictive approach. The Central Bank of Iran, the country’s sole crypto regulator, has blocked key fiat-to-crypto gateways and imposed heavy oversight, despite allowing energy-intensive crypto mining operations to continue under strict conditions.
Can Crypto Really Help Iran Bypass Sanctions?
Iran’s current strategy reflects a broader trend of sanctioned nations exploring decentralized assets to maintain global trade flows. However, experts warn that without clear regulations, domestic innovation will stall. Mehdizadeh noted that Iran’s lack of clarity slows down the very ecosystem it hopes will help bypass sanctions. Still, many Iranian policymakers argue that exploring blockchain-based trade settlements is essential, given the country’s isolation from traditional financial rails. As the debate intensifies, Iran appears determined to use digital assets not only as a workaround to sanctions but also as a long-term foundation for restructuring its global economic relationships.
