Is Iran using crypto to bypass sanctions? - According to experts, the use has increased significantly since the start of the war
Since the start of the war, the flow of cryptocurrencies into Iran has increased significantly. Experts say the digital currencies are being used to circumvent sanctions on Iran’s Revolutionary Guard and provide a financial lifeline for civilians battered by soaring inflation.
Cut off from the traditional financial system by international sanctions for decades, Iran has long used cryptocurrencies as an alternative channel to sell oil and finance allied armed groups, such as the Houthi rebels in Yemen, according to U.S. authorities.
But the use of cryptocurrencies has intensified in the current crisis. In a particularly large move, more than $10 million in cryptocurrencies left Iranian exchange platforms between February 28, the first day of the Israeli-American airstrikes, and March 2, according to data analysis firm Chainalysis. By March 5, nearly a third of those funds had been transferred to foreign exchanges.
According to Chainalysis, several digital wallets used during this surge in cryptocurrency activity are directly linked to the Revolutionary Guard. Last year, wallets linked to the Guard were funded with over $3 billion in cryptocurrency, representing more than half of the flow into the country.
But which cryptocurrency is preferred in Iran? The Revolutionary Guard and the Iranian central bank favor “stablecoins,” or digital currencies generally pegged to the dollar, in an effort to avoid volatility. Civilians are turning en masse to bitcoin, the world’s leading cryptocurrency, which can be withdrawn from platforms and stored in personal wallets.
In a country where inflation was nearly 50% before the conflict began, cryptocurrencies are acting as a “lifeline” for the population in the face of the collapse of the national currency.
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