While Iran ‘s currency reaches the lowest against the dollar, the transaction volumes of bitcoins (BTC) are increasing in Iran . It is noteworthy what role virtual currency plays in Iran, where people’s trust in legal currency fluctuates.
Iran’s currency RIAL began to decline before and after the United States announced its withdrawal from nuclear agreement over Iran in May and the trump regime further declined as it will resume economic sanctions against Iran on August 7 It is supposed to be spurring .
Transaction volumes of bitcoins (BTC) are increasing in Iran . It is noteworthy what role virtual currency plays in Iran, where people’s trust in legal currency fluctuates.
The sentiment has furthered because of Iranian authorities’ decision to impose restrictions on foreign currency transactions. The authorities have also started a crackdown on those attempting to circumvent restrictions by purchasing gold coins in the black market.
Stuck between a depreciating national currency and strict law enforcement agencies, some Iranians are reportedly turning to bitcoin and similar decentralized assets to elude sanctions.
Since May 2018, when the U.S. announced its sanctions against Tehran, bitcoin trading volume within the country has experienced a marked uptick, though it is still far below the all-time high it set last December. Around the same time, local media had claimed that Iranians had sent over $2.5 billion out of their land to purchase bitcoin and other digital currencies.
An anonymous Iranian said that he purchased bit coins every month in preparation for economic sanctions from the United States.
?”We began to buy bit coins and an affiliate, because I do not think the central bank of Iran can rebuild a serious economic situation.”
She has also confirmed that Rial price dropped heavily against bitcoin in the underground market, stating she was asked the equivalent of as much as $20,000 to purchase 1 BTC by the same dealer who was selling it for $10,000 only the last month.
Last week Iran was reportedly planning to push the development of national issuing virtual currency to bypass US sanctions .