Regime appears to have turned to digital currency issued by Tether in the face of sanctions
Iran’s central bank appears to have been using vast quantities of a cryptocurrency championed by Nigel Farage, according to a new report.
Elliptic, a crypto analytics company, said it had traced at least $507m (£377m) of cryptocurrency issued by Tether – a company touted by the Reform UK leader – passing through accounts that appear to be controlled by Iran’s central bank.
Elliptic’s report tracked what it says is the Iranian central bank’s “systematic accumulation” of Tether stablecoins, a type of crypto that is pegged to the dollar so it can easily be exchanged for hard currency.
This pointed to “a sophisticated strategy to bypass the global banking system”, perhaps to trade or to prop up the rial, Iran’s currency.
