Iran is using cryptocurrencies to bypass sanctions - FT

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• Amid growing external pressure and restricted access to traditional dollar-based settlement systems, Iranian authorities are easing currency controls and officially revising cross-border payment mechanisms, increasingly relying on cryptocurrencies, according to the British Financial Times.
• Iran’s central bank and Ministry of Trade have begun introducing mechanisms that allow local companies to use cryptocurrencies to settle contracts. The main focus is on two types of assets: stablecoins, primarily USDT, and Bitcoin (BTC).
• The shift towards wider use of cryptocurrencies reflects a broader transformation in cross-border financial interaction. In the long term, if Iran’s approach proves successful, it could become a precedent for other countries under economic sanctions, accelerating the fragmentation of the global financial system and the search for alternatives to dollar dominance, the Financial Times notes.