Iran
The Iranian rial plunged to a record low, spurring protests and driving many citizens to use stablecoins to protect savings and access foreign currency. Analysts say a near-term recovery looks unlikely without a clear economic plan.
Iran’s rial has plunged to roughly 1 million per US dollar amid skyrocketing inflation and sharp market swings, raising questions about whether Bitcoin can serve as a lifeline during internet blackouts.
A near-total internet shutdown in Iran on Jan. 8, 2026 amid anti-government protests threatens local Bitcoin mining operations and could reduce global hash rate and pool connectivity. The outage underscores how geopolitical actions and state-controlled networks can quickly disrupt crypto infrastructure.
As the rial plunges to fresh lows, Bitcoin has re-entered public debate in Iran, often cited for its decentralized properties compared with state-controlled fiat. Citizens and remittance senders are increasingly discussing crypto as an alternative store of value and cross-border payment tool.
Usage of dollar-pegged stablecoins has surged in Iran as the rial plunged to roughly 1.42 million per USD before easing to about 1.38 million, eroding household savings and pushing up essential prices.
Bitwise's CEO highlighted Bitcoin as an emerging option for Iranians after the rial tumbled to a record low and protests spread across major cities; peer-to-peer trading and OTC interest appear to be rising as citizens seek value and cross-border payments.
Iran says it has asked India and other BRICS members to use digital assets to settle trade, seeking a workaround to US and UN sanctions. Officials and business leaders frame the approach as a pragmatic response to restricted access to global payment rails.
Bitcoin mining in Iran, largely driven by state-linked entities like the IRGC and Chinese partners, intensifies the country's energy shortages by consuming vast amounts of electricity, much of it subsidized or free. Despite official recognition and licensing since 2019, around 85% of mining remains illegal, worsening power outages and impacting domestic needs.
Iranian cryptocurrency exchange Nobitex, recently hacked, is set to restart withdrawal services beginning with verified users, signaling progress towards full recovery.
The hacker group Gonjeshke Darande claimed responsibility for a $90 million theft from Nobitex, Iran's largest cryptocurrency exchange. The stolen assets were transferred and burned with political messages against Iran's Revolutionary Guard, highlighting political motives amid rising regional tensions. Nobitex confirmed the breach and the incident raises concerns over crypto's role amid international sanctions.