“Iran’s stablecoin limits will not stop dollar demand — they will only drive it deeper underground,” a Tehran-based economist who did not want to reveal his identity told Iran International.

The Central Bank’s High Council late last month approved a $5,000 annual purchase limit per person and a $10,000 ceiling on total stablecoin holdings.

The rule, announced as the rial plunged to a record low of 1,170,000 per US dollar earlier this month, drew sharp criticism from Iranians using Tether and other digital currencies to protect their assets from geopolitical headwinds.

The slump was triggered by the UN sanctions which resumed late last month after European countries suspicious about Iran’s nuclear activities activated the…