Iran is trying to use cryptocurrency to stabilize its fiat rial currency... that's a first

campuscodi@mastodon.social

The Central Bank of Iran has acquired US dollar stablecoins worth at least half a billion dollars

Elliptic analysis reveals that the Central Bank of Iran has acquired at least $507 million in USDT, the US dollar-backed stablecoin. This was likely used to support the value of the Iranian rial, providing a viable alternative for market intervention given that sanctions prevent the regime from deploying its official foreign reserves.

(www.elliptic.co)

david_chisnall@infosec.exchange

@campuscodi Presumably because there are sanctions on acquiring dollars directly. Once again, money laundering is the principle use case for cryptocurrencies.

raymaccarthy@mastodon.ie

@campuscodi
No, that won't work. Likely it's to avoid sanctions.
Money laundering.

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Iran is trying to use cryptocurrency to stabilize its fiat rial currency... that's a first

The Central Bank of Iran has acquired US dollar stablecoins worth at least half a billion dollars

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