Iran Eyes BRICS Crypto Ties to Weaken Sanctions
The Iran government is exploring the possibility of using cryptocurrencies and digital payment channels in partnership with BRICS countries to reduce its dependence on the U.S. dollar and mitigate the impact of Western sanctions. Iran’s officials say they are investigating how trade settlements, payments and remittances might shift onto blockchain-based platforms or stablecoins.
How It Could Work
Tehran believes that by cooperating with BRICS member states it can access alternative financial systems less dominated by the dollar and Western banking rules. The strategy includes negotiating with trade partners for settlement mechanisms in digital assets and potentially launching a national or regional crypto instrument backed by commodities. Iran has already legalised large-scale crypto mining and uses digital channels to facilitate imports and trade amid sanctions pressures.
Challenges and Implications
Despite the ambition, major technical and regulatory barriers persist. Converting large volumes of cryptocurrency into fiat for trade remains challenging, and international oversight has intensified on crypto flows tied to sanctioned states. For BRICS nations, participation risks triggering secondary U.S. sanctions. If successful, the plan could weaken dollar-centred financial leverage and reshape parts of the global payments architecture, but implementation will likely be slow and cautious.
