Iran has been exploring plans to use digital assets to circumvent sanctions from the United States and United Nations. According to various Iranian government officials and businessmen, the country has been pushing India and other countries in the BRICS bloc to always accept digital assets when doing business.
In August 2025, France, Germany, and the United Kingdom initiated a snapback mechanism that, after a pause, reimposed international sanctions against Iran. The sanctions were imposed in response to Iran’s alleged increased uranium enrichment activities and restrictions on access by International Atomic Energy Agency officials.
The United States has also imposed varying degrees of sanctions against Iran since at least 1979, and one of the main effects of those sanctions has been to cut Iran off from the international SWIFT payments system.
Iran asks BRICS countries to accept cryptocurrencies during trade
Speaking at the Deblock Summit, Iran’s first international blockchain conference sponsored by the Iranian government, Iranian Parliament Speaker Mohammed Bagher Ghalibaf praised cryptocurrencies. “Cryptocurrency offers new ways to do business and pay for trade,” Ghalibaf said. “Therefore, they can support independent states. We want Iran to become a regional and even global hub in blockchain technology and digital trade.”
Ghalibaf noted that Iran wants to trade with other countries and pay with digital assets, which is what the country needs. Speakers also noted that integrating digital assets requires the right technology, something the Iranian government has been working on for some time.
“The Iranian parliament hereby declares its readiness to cooperate with academics, researchers and businesses in this field,” Ghalibaf said. “We want to attract as much investment as possible into digital currencies.”
Puglia Asteraki, chair of the DeBlock Summit, argued that digital assets are both decentralized money and technological tools that can help achieve the goal of de-dollarization. This means moving away from using the US dollar as the primary currency for international trade. He emphasized that digital assets have the potential to break through this gap because they are not operated by governments or political entities, noting that digital assets are the first tools that can help achieve de-dollarization.
Asteraki also noted that BRICS was created with the aim of eliminating centralization and reducing the role of the dollar, which could help countries reduce the amount of dollars they hold in their assets.
US President Donald Trump has repeatedly warned BRICS countries, asking them to stop creating BRICS currencies and move away from the dollar. At one point, President Trump even threatened to impose tariffs on these countries if things continued.
Private sector criticizes lack of regulation in crypto space
However, despite Ghalibaf’s position, the private sector remains unconvinced, with participants pointing out that Iran’s regulations regarding cryptocurrencies and blockchain fall short of desired levels. “There is no proper and transparent regulatory environment for blockchain and cryptocurrencies to thrive,” Ehsan Mehdizadeh, founder and CEO of Wallex Iran, the country’s largest cryptocurrency exchange, said during a panel discussion.
Mehdizadeh stressed that the country cannot pursue a new financial system due to sanctions, noting that regulators lack a sufficient understanding of blockchain. “The SWIFT payment system is blocked for us, so perhaps cryptocurrencies and blockchain could help,” Mehdizadeh said. “Digital currencies and cryptocurrencies are one way to circumvent sanctions.”
The country’s central bank is the sole regulator of the country’s cryptocurrency market. The bank has introduced several restrictions, including blocking gateways that can convert Iranian rial into digital assets. Crypto mining, an energy-consuming practice that creates digital assets, is permitted, but policymakers have questioned the regulation of the sector and its activities.
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