Iran seeks BRICS support to use cryptocurrencies for bypassing sanctions

Tehran Iran is turning to cryptocurrencies as a new way to keep its economy connected with the world, even as global sanctions continue to tighten around it. Officials, lawmakers, and entrepreneurs from the country’s crypto and fintech industries recently gathered in Tehran to explore how digital currencies could help Iran trade more freely especially with nations like India and other BRICS partners. The idea is gaining traction as Tehran looks for alternatives to traditional banking systems, which remain largely closed off due to U.S. and U.N. restrictions. Using cryptocurrencies could allow Iran to settle international trade deals without depending on the U.S. dollar or networks like SWIFT, which have long been used as tools of economic pressure. Government representatives described the initiative as a step toward “economic sovereignty.” They believe closer cooperation with BRICS allies Brazil, Russia, India, China, and South Africa could lead to the creation of a more balanced global trade system, one less influenced by Western control. The renewed push comes at a tense moment. In August 2025, France, the United Kingdom, and Germany reimposed sanctions under the so-called “snapback mechanism,” citing Iran’s alleged uranium enrichment activities and restrictions on access for International Atomic Energy Agency inspectors. The move once again tightened the economic chokehold Tehran has been under for years. Experts say Iran’s latest crypto ambitions could mark a turning point both for the country and possibly for others feeling the weight of similar restrictions. However, they caution that relying on cryptocurrencies carries risks of its own, including price volatility and a lack of clear international regulations. Still, for Iran, crypto isn’t just a technological experiment. It’s a potential lifeline and a glimpse of financial freedom in a world where economic isolation has become the norm.