In the News
November 14, 2022

Iran cashing in on cryptocurrencies to avoid US sanctions

The Reuters report said that in addition to the Tron token, the Iranian transactions were in such well-known cryptocurrencies as Bitcoin, Ether, Tether and XRP, and a smaller token, Litecoin.

The revelations came as no surprise to Ali Plucinski, a cybersecurity analyst for the risk intelligence company RANE. “Iran has increasingly utilized cryptocurrencies, and crypto mining, in recent years to evade US-imposed sanctions on its economy and to bolster domestic revenue with some success,” she told Arab News.

“Iran possesses significant natural resources, especially natural energy resources, and in response to strong US sanctions on its oil and gas sector, Iran has instead diverted some of these resources to the production of electricity to fuel crypto-mining and the accrual of cryptocurrencies.”

Read the full Arab News article here.

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