"Firouz, a crypto user in Tehran, moved all his crypto savings out of Nobitex to his personal digital wallet, fearing potential forfeiture of ownership in the event of war. He stated, 'My main thinking was that I could potentially be forfeiting true ownership of any money left in a state-linked or state-monitored Iranian crypto service.'"
"The Islamic Revolutionary Guard Corps (IRGC) accounted for about 50 percent of on-chain activity in the fourth quarter, reflecting its significant role in Iran's economy. Harder to trace and easier to transfer than traditional bank payments, crypto offers a way to sell oil, buy weapons and commodities, circumventing sanctions."
"Iran's turn to crypto has initiated a new cat-and-mouse race with the US, which is trying to strangle Tehran's economic options. In early April, Iranian authorities announced they would ask oil ships seeking passage through the Strait of Hormuz to pay a toll in cryptocurrency."
Iran's crypto ecosystem, valued at over $7.78 billion, is growing rapidly as citizens and the Islamic Revolutionary Guard Corps utilize it to circumvent sanctions. Individuals like Firouz are moving their assets to personal wallets to avoid state control amid fears of war. Cryptocurrencies provide a less traceable method for transactions, enabling the sale of oil and procurement of goods. The US is responding to this shift, attempting to limit Iran's economic options while Iranian authorities explore crypto tolls for oil ships in strategic waterways.
Read at www.aljazeera.com
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