The sanctioned nation is said to be leveraging cryptocurrencies to sustain commerce amidst heightened Western oversight
According to a Financial Times report, Iran’s Ministry of Defense Export Center, or Mindex, is ready to discuss arms deals with payment in digital currencies. The report cites promotional materials and a review of payment options, which also include barter agreements or the Iranian rial.
Britain, France, and Germany activated a United Nations process to restore global sanctions against Iran in August, following the breakdown of diplomatic talks to restart nuclear negotiations with the United States. Comprehensive sanctions now target Tehran’s nuclear and missile initiatives, oil industry, and international banking access, pushing the country toward greater dependence on barter and digital assets like bitcoin.
The news organization noted that last year’s proposal represents one of the earliest public instances where a country has shown readiness to take cryptocurrency for weapon sales.
Mindex claims to serve clients across 35 nations and offers an array of military hardware such as ballistic missiles, drones, naval vessels, and short-range air defense systems. Its website, available in multiple languages, further advertises small arms, rockets, and anti-ship cruise missiles.
The center uses an online platform and a virtual chatbot to assist potential buyers through the acquisition steps. Mindex states on its site that contract execution faces “no problem”, despite the wide-ranging sanctions.
Data from the Stockholm International Peace Research Institute indicates Iran was the world’s 18th largest exporter of major arms in 2024, positioned behind Norway and Australia.
Previous allegations from U.S. officials have charged Iran with utilizing digital assets to enable oil transactions and transfer money outside the conventional banking network.
The U.S. Treasury Department sanctioned individuals in September for supposedly running a “shadow banking” operation that employed cryptocurrency to handle payments for Iran.