Iranian officials and industry leaders are turning to cryptocurrencies as a practical tool to keep trade flowing with India and other BRICS members while navigating renewed global sanctions. The push reflects Iran’s search for alternative financial routes after sanctions from the United States, the United Nations and the recent European snapback cut Tehran’s access to the SWIFT system.
Iranian Parliament Speaker Mohammad Bagher Ghalibaf said at the deBlock Summit that digital currencies present an opportunity for trade partners who want independence from Western financial controls. He said Iran aims to build the technology required for blockchain driven payments. He added that the Parliament is ready to work with scholars and businesses to support this expansion.
The government wants to settle trade in digital currencies, including with BRICS countries. This aligns with Tehran’s interest in reducing reliance on the U.S. dollar. PooriaAsteraky, chairman of the Summit, said cryptocurrencies offer decentralised payment options. He said these tools support long term plans inside BRICS to reduce the role of the dollar in global transactions.
The United States has warned BRICS members against exploring alternative systems. India has rejected de dollarisation as part of its financial agenda.Industry executives at the Summit said Iran needs clearer rules. Ehsan Mehdizadeh of Wallex Iran said the country lacks a transparent framework.