Iran🇮🇷: Central Bank eases currency controls, including on crypto

Iran🇮🇷: Central Bank eases currency controls, including on crypto

Iranian authorities are seeking to encourage the inflow of foreign currency into the country amid tightening international sanctions. As part of this effort, Iranian companies are expected to repatriate revenues generated abroad, including those held in cryptocurrencies.

➡️ How will the new mechanism work❓

😀 Exporters will no longer be required to sell foreign currency at the official exchange rate to finance imports. Instead, they will be able to use those funds directly to settle import-related payments.

😀 USDT and bitcoin will be permitted for settling cross-border transactions through Iranian cryptocurrency exchanges.

➡️Context: all of this is taking place amid a series of statements from the U.S. Treasury Department🇺🇸 regarding the seizure of billions of dollars in Iranian-linked crypto assets as part of the "Economic Fury" operation. In June alone, analysts at TRM Labs reported that the flow of funds between the CoinEx exchange and sanctioned Iranian clientsexceeded USD 3.8 billion. And by August, it became known that illegal Iranian bookmakers had moved more than $4 billion through Iran's crypto ecosystem using a sophisticated scheme.

Recent developments have highlighted significant limitations in the ability of the "Economic Fury" operation to prevent these financial flows.

#news #Asia #US #sanctions #crypto

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