By cutting off banking connections, in addition to disrupting money transfers, export, import, finance, and foreign investment operations, economic sanctions have increased the risk of foreign investors and disrupted monetary and economic policies, leaving the country with a shortage of foreign exchange resources and reduced economic growth. The use of cryptocurrencies, given their capabilities and new potential, offers Iran an opportunity to circumvent sanctions, increase reserves, and strengthen trade, especially with countries facing similar sanctions and isolation. As a result, the Iranian government has moved from suppressing crypto miners domestically to providing them with legal and energy-based support in a controlled manner. Similarly, Iran faces three obstacles that prevent cryptocurrencies from becoming a silver bullet for defeating sanctions, accumulating capital, and expanding trade. The first obstacle is the volatility of cryptocurrency prices, which makes it risky for import orders and other large-scale transactions – which likely explains Iran’s reluctance to issue a national currency. The second is the excessive energy consumption of cryptocurrency mining, which has strained Iran’s national budget and power grid, not to mention its vast fossil fuel reserves. The third and final obstacle is the tightening of regulations at the international and national levels, coupled with increasing authoritarianism and repression, which has limited the industry’s growth and competitiveness within Iran. While cryptocurrency was initially intended to limit state power, the Iranian government may try to continue using cryptocurrency to its advantage while also increasing the challenges associated with the technology, especially in the face of domestic and external pressures.