Hassan Rouhani, the President of the Islamic Republic of Iran, could be the next state leader experiencing what cryptocurrencies can do for the sake of the people in times of trouble. Venezuela’s Nicolás Maduro has been through that and found it hard to tackle, while setting up the country’s own cryptocurrency, El Petro, at the same time.
Trump’s decision to leave the Iran nuclear deal sent shock waves through the country as sanctions could cripple its economy and shrink exports of oil and other goods. In anticipation of that outcome, Iran started developing a local cryptocurrency in 2017, which has been launched earlier in May.
Iranians, in the meantime, are rushing to Bitcoin in order to protect their savings. Forbestalked to one Iranian living in North America who wished to remain anonymous as his parents try to send him money via Bitcoin.
With exchange offices closed, sanctions and the rial dropping like crazy it seems like a good idea to use Bitcoin. I know that there are a few people selling and buying Bitcoin in Iran with LocalBitcoins. For now, it seems like Bitcoin is literally the only way to get money out of the country, so I’m sure more people will be inclined to use it, but with the rampant inflation of the Iranian rial a lot of people won’t be able to afford it.
More than $2.5 billion has fled Iran following the purchase of virtual currencies, according to Mohammad Reza Pourebrahimi, chairman of Iran’s economic commission .
what do you think will it boost the iranian economy or made some difference in the region. comment below let me know.
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