Cryptocurrency's role in Iran has long gone beyond simple payment tools. Today, it has become a geopolitical bargaining chip, playing a key role in circumventing international sanctions and sensitive transactions. But the associated risks are also rapidly escalating—the crypto ecosystem itself is becoming a new target in great power rivalries.

The most straightforward example is arms trade. Iran's Defense Export Center (Mindex) publicly announced that, in addition to fiat currency and barter trade, they now accept cryptocurrencies as a payment method. We're not talking about small-scale transactions but heavy weaponry such as ballistic missiles, drones, and naval vessels. The logic behind this is clear—since traditional banking systems (like SWIFT) are effectively useless for Iran, they turn to encrypted channels to bypass them. Officials even assured clients that, "based on our overall policy of sanctions evasion, contract execution is not an issue." This approach not only challenges the existing financial sanctions framework but also makes global security experts sweat over weapons proliferation issues.

But the other side of the story warrants greater caution. Iran's crypto exchanges, especially those acting as financial hubs, are becoming the front lines of cyber conflicts. In June last year, a pro-Israeli hacker group called "Preying Sparrow" launched an attack on Iran's largest crypto exchange, Nobitex, resulting in nearly $90 million in losses at once. The hackers claimed that Nobitex is Iran's channel for bypassing sanctions and conducting sensitive financial operations. What does this event signify? Crypto infrastructure has fully become a battlefield for state-level confrontation.