Iran Explores Cryptos with BRICS to Bypass Sanctions

Iran is actively exploring the use of cryptocurrencies to facilitate trade with BRICS nations, aiming to bypass extensive sanctions imposed by the United States and the United Nations. According to Iranian officials, the country seeks to leverage digital currencies to establish trade relationships with nations like India, as well as other members of BRICS.

The initiative follows a resurgence of sanctions initiated by France, the UK, and Germany in August 2025, due to Iran's alleged increase in uranium enrichment activities. Mohammad Bagher Ghalibaf, Speaker of the Iranian Parliament, emphasized the necessity of adopting cryptocurrencies during the deBlock Summit in Tehran, stating they can support independent nations and position Iran as a regional hub for blockchain technology and digital trade.

Ghalibaf highlighted that the Iranian government is working on the necessary technology to facilitate this shift and is keen to attract investments in digital currencies. Pooria Asteraky, chairman of the deBlock Summit, echoed these sentiments, framing cryptocurrencies as a technological tool for de-dollarisation, which seeks to diminish the dominance of the U.S. dollar in international trade.

This aligns with broader goals among BRICS countries to reduce reliance on centralized currencies. However, the path forward is complicated by regulatory challenges within Iran. Ehsan Mehdizadeh, CEO of Wallex Iran, pointed out that the current regulatory framework for cryptocurrencies is insufficient, lacking transparency and clarity, which hampers the growth of blockchain initiatives.

Iran's Central Bank currently regulates the crypto market, imposing restrictions that complicate the conversion of the Iranian Rial into cryptocurrencies. While crypto mining is permitted, regulatory clarity is still lacking, leading to concerns about the future of these activities in light of energy consumption debates.

Ali Hakim Javadi, chairman of the Iranian Information Technology Organization, stressed the importance of trust and transparency as foundational elements for attracting investments in the crypto space.

He emphasized the potential of blockchain technology to provide transparency through smart contracts, contrasting it with traditional paper contracts that have historically faced legal and technical issues.

As Iran navigates its economic landscape under sanctions, the exploration of cryptocurrencies signifies a critical juncture in its approach to international trade and financial independence.