According to a recent report by Chainalysis, US-sanctioned countries, including Iran, have significantly embraced the use of cryptocurrencies in 2024. These countries have witnessed considerable growth in cryptocurrency-related activities and received nearly $16 billion in digital assets last year. Approximately 39% of all illegal cryptocurrency transactions are included in this amount. The report emphasizes that Iran has had a significant share in this trend, with sanctions-related transactions in the country increasing. US-sanctioned countries resort to cryptocurrencies and alternative financial systems to maintain trade and access to capital. Chainalysis analysis indicates that Western restrictions have led these countries to seek alternative methods. In this regard, Russia and Iran, with the cooperation of their trading partners like China and India, use non-US dollar payment mechanisms. The report also suggests that the use of cryptocurrencies in sanctioned countries may not only assist governments in financial needs but also serve as a means for ordinary citizens to preserve capital and bypass restrictions. In the past year, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on 13 cryptocurrency addresses. Although this number has decreased compared to the previous year, it remains at a high level. With Donald Trump’s return and Scott Benson’s appointment as the head of the Treasury Department, there is a possibility of changes in US policies towards cryptocurrencies. The report also mentions the activities of Tornado Cash, one of the cryptocurrency mixers. This platform, targeted by US authorities’ sanctions in 2023, continued to process hundreds of millions of dollars in transactions each month in 2024, although it has not yet returned to its pre-sanction activity level. Data shows that over 24% of the platform’s inputs in the past year were related to stolen assets. Finally, Chainalysis emphasizes that although the Iranian government has extensive control over the country’s financial system, including cryptocurrency infrastructure, the increased use of Iranian exchanges indicates that individuals and institutions rely more on cryptocurrencies to preserve their assets and circumvent restrictions. On the real-time digital currency price page, you can monitor the prices of all tokens and cryptocurrencies live and in real-time.
