Iran Halts Rial Payments in Crypto Crackdown Amid Economic Crisis

Iran is tightening its grip on cryptocurrencies amidst a dire economic situation marked by inflation exceeding 40% and a rapidly depreciating rial, which recently hit an all-time low against the dollar. The Central Bank of Iran (CBI) abruptly halted rial payments for cryptocurrency exchanges, impacting over 10 million users who can no longer purchase Bitcoin and other digital assets with their national currency. This crackdown is part of a broader effort by the government to exert strict oversight on the crypto market, perceived as a threat to its financial control, especially as young Iranians increasingly turn to digital currencies for opportunities in a restricted economy. Despite these restrictions, the Iranian crypto market saw significant growth last year, leading to speculation about a bullish trend in 2025. The CBI has maintained a largely silent stance following the ban, and while some exchanges try to comply with new regulations, an underground market is emerging as users seek alternative means to safeguard their assets. The overall future of crypto in Iran remains uncertain as the government balances control with the burgeoning interest among its youth in global digital finance.