NewsDialy
Sanctions, the financial and trade restrictions that foreign governments use to limit a country's access to global banking and commerce, are being worked around in Iran through cryptocurrency.
Authorities there have quietly relaxed controls on foreign currency at the same time, aiming to persuade traders to bring much-needed funds back into the country. Cryptocurrency runs on decentralized networks.
A transaction on one of those networks does not need a bank to process it, so it does not pass through the correspondent banking relationships and payment infrastructure that sanctions are typically built to block.
That is the feature that makes crypto useful when conventional channels are off-limits. The foreign currency policy targets the other side of the same problem.
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