Iran bets on shadow networks to evade US sanctions

With its toughest sanctions yet , the administration of US President Donald Trump is seeking to force Iran's leadership into submission.

The measures, dubbed "economic D-Day" sanctions , are intended to achieve what military pressure since February has failed to accomplish .

In addition to targeting Iran's key sources of revenue and trade, including oil, banking, gold, shipping, aviation and certain technology sectors, US authorities are increasingly focusing on cryptocurrencies .

Digital currencies such as bitcoin , which operate outside the traditional banking system and dollar-based financial networks, are being used by Iran for money transfers, trade transactions and, increasingly, oil-related business.

Iran also appears to be exploring cryptocurrencies as a way to secure oil shipments passing through the Strait of Hormuz .

According to the Fars News Agency, which is close to Iran's Revolutionary Guards, the idea was proposed by Babak Zanjani.

The 53-year-old billionaire was released from prison last year and remains one of the most prominent figures in a network that has grown over decades and helped Iran navigate international sanctions.

Individuals within these networks enjoy support and protection from influential figures inside the Islamic Republic. In return, they are believed to share part of their profits with powerful patrons within the system.