Iran is one of the largest Bitcoin miners in the world. According to the analytics firm Elliptic, Iran accounts for about 4.5% of the global Bitcoin production. This allows the country to bypass international sanctions and earn hundreds of millions of dollars in crypto assets that can be used for purchasing imports.
In 2022, Iran officially recognized cryptocurrency mining as an industrial activity and began issuing licenses to miners. However, mining also faces periodic bans due to electricity shortages in the country.
In addition, Iran actively uses cryptocurrencies to circumvent sanctions in international trade. In 2022, the government allowed the use of cryptocurrencies for importing goods into the country and conducted its first transaction with China worth $10 million.