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US Financial Crimes Agency Condemns Iran for Use of Crypto to Avoid Sanctions

A US financial crimes regulator has condemned the use of cryptocurrencies by Iran as a way of bypassing economic sanctions, encouraging institutions and US-based exchanges to avoid dealing with the nation.

The Financial Crimes Enforcement Network (FinCEN) has urged domestic cryptocurrency exchanges to be aware of Iranians using cryptocurrencies, including Bitcoin, to circumvent US economic sanctions against the country.

FinCEN’s advisory report published Friday estimates that since 2013, Iran has hosted USD 3.8 million in Bitcoin transactions, with this coming in domestic peer-to-peer (P2P) and exchange transactions alongside third-party countries such as the US. The report advises institutions to use the technology available to monitor open blockchains and investigate ledgers to see if any transactions originate or terminate in Iran.

Despite the relatively low levels of cryptocurrency adoption in the middle eastern nation, Iran’s utilization of cryptocurrency is described as “illicit and malign” in its attempts to ”exploit” the financial system and provide a method of avoiding sanctions.

US-based exchanges were warned of their obligations under the Bank Secrecy Act that require ”appropriate systems” for preventing the facilitation of transactions that may oppose sanction requirements.

Sanctions against Iran were reinstated under President Donald Trump earlier this year when he withdrew the US from the Iran nuclear deal.

Last month, Bitcoin News caught up with IranbyBit, a travel startup that offers its services in Bitcoin, indeed as a way to avoid financial restrictions.

As founder Setare Shabanipour sees it, the more foreigners visit the country, the more likely it is that cynical perceptions of the country will dissipate: ”They can decide for themselves about the country and this can lead to a change of attitude toward Iranians in global communities and markets.”

While US sanctions against Iran are an attempt to target the government in a negative capacity, it cannot be helped that they also harm the whole economy and individual people themselves. Both asset freezes and trade embargoes have taken a serious toll on the Iranian economy and the people.

Shabanipour believes that by promoting Iran as a travel destination, she can help provide part of a solution: “It is inevitable that cultural bridges will form among foreign and local cultures. Such a flourishing market will result in attracting investment and building up more tourism infrastructures in Iran.”

 

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IranbyBit: Bitcoin-Powered Tourism Fueling Iranian Economy

An Iranian travel startup is tackling the country’s economic sanctions and consequent financial exclusion by offering visitors to the country an opportunity to pay for their travel experience with Bitcoin.

Speaking to Bitcoin News, IranbyBit‘s founder Setare Shabanipour discussed the importance of having the option to pay with Bitcoin, and how the business is helping to grow both the tourism sector in Iran and international levels of Bitcoin adoption.

Why does Iran need a Bitcoin travel option?

Iran has been subject to economic sanctions from the US, the European Union and the United Nation Security Council in various capacities since the Iranian Revolution in 1979. Through the years, the sanctions have taken the forms of asset freezes and trade embargos, which have taken a serious toll on the country’s economy and people.

It is difficult to send and receive money from other countries while based in Iran, creating a major issue for attracting outsiders to visit the country. Shabanipour explained that tourists are not able to use credit cards, Visa or Mastercard; ”Travelers need to exchange their money to the Iranian local currency and carry cash with themselves which is a troublesome and an unpleasant experience,” she said. It also makes it difficult for international travelers to book their accommodation and events such as local tours before they enter the country. 

IranbyBit

The premise of the Bitcoin travel body is to give travelers the opportunity to pay for these things with cryptocurrency, making booking a trip to Iran as simple as it is for any major country. ”At IranbyBit we seized the opportunity that Bitcoin provides,” Shabanipour told Bitcoin News. 

Doing its part for Iranian tourism and the economy

Iran cannot quite be called a top holiday destination right now but Shabanipour believes that by enabling foreign travelers to use Bitcoin to plan their trips, more tourists will be attracted to the country. She has high hopes about where IranbyBit can take the tourism sector: ”The more foreigners visit Iran, they can decide for themselves about the country and this can lead to a change of attitude toward Iranians in global communities and markets. Also, this can result in attracting more investors and their investments toward Iranian businesses.”

The Iranian economy could certainly use the boost that Shabanipour hopes tourism can bring after decades of financial exclusion because of international sanctions, and the cultural benefits of having foreign travelers experience the country could help break down the prejudices that Iranians face on the global stage. ”It is inevitable that cultural bridges will form among foreign and local cultures. Such a flourishing market will result in attracting investment and building up more tourism infrastructures in Iran,” Shabanipour predicted.

As she describes it, financial inclusion goes beyond just being able to purchase things in Iran in the way that now Bitcoin allows. Rather, it also means opening up Iran as a safe, fun, accessible destination for the rest of the world to experience, and she hopes to do this in a sustainable way.

”Iranbybit provides travelers and local communities the chance to communicate with each other and understand different cultures. We support the economy of local communities and pursue flourishing rural markets. We also recognize an increase in tourist demand for the countryside instead of cities, hence, a flourishing countryside decreases the rate of migrations of Iranians to big cities. Natural resources can be used as a source of income and they will be treated as treasures and preserved appropriately.”

 

Left to Right: Founder Kokab ”Setare” Shabanipour, Web Administrator Saeed Nasiri, Bitcoin Research and Development Manager Ziya Sadr, System Software Developer Nima Behkar

 

Calling for Bitcoin adoption

IranbyBit supports and uses Bitcoin because they appreciate that it removes the barriers in their way of entering the global market, and they have called for other Iranian business to do the same in order to promote economic growth. Because IranbyBit’s revenue is all coming from Bitcoin, they hope they are helping to support widescale Bitcoin adoption and development of a future economy where the reliance on fiat currency is minimal.

Shabanipour says that in Iran, Bitcoin use is a grey area; while it is not regulated by the government, the work IranbyBit do does not break any laws. Even if this changes, they truly believe in Bitcoin as a payment system and would hope to still find a legal way to accept it. ”The general opinion about Bitcoin in Iran is very positive but even if that changes, we are still going to use and support it.”

The Middle Eastern nation has a very active Bitcoin community and IranbyBit is proud to be a part of spreading the message and encouraging other business to also accept cryptocurrency for payments.

In terms of blockchain, IranbyBit does not see a useful way of integrating the technology into their business right now: ”Our main focus is on utilizing Bitcoin for our business and we don’t think that blockchain as a technology is relevant in this area. Up to now, it’s hard to imagine real-world use cases for blockchain but maybe it can have some in the future. There are very active people in this community in Iran and blockchain is possibly one of their areas of interest.”

Bitcoin getting Iranians excited

According to Shabanipour, potential customers that IranbyBit has spoken to have been very enthused about this new opportunity and plan to use their services to book their future travels in Iran. Several people they spoke with have already had experiences traveling by Bitcoin, and have given them a lot of positive feedback.

The body offers Ecolodges for those who are seeking nature-based accommodation, and Shabanipour says that it is the people who are the most adventurous travelers that are attracted to their services over anyone else.

IranbyBit uses a commission-based revenue model based on seasonal travel popularity. The agency provides substantial information on its website for each accommodation and service available for booking with Bitcoin payments, including local sim cards and tourist debit cards to help people access money and local communications.

Right now, just the first release of the website has been launched which can service over one hundred tourists. ”We have more than 20 accommodations with complete details ready to serve tourists from anywhere in the world. Once the MVP is released, IranbyBit will take its first step in the global tourism market,” Shabanipour detailed. 

To learn more about IranbyBit or use the body to book your trip to Iran, visit the website or follow them on Twitter.

 

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Image Courtesy: IranbyBit/Setare Shabanipour

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Iran Validates Bitcoin Mining; Legislation and CBDC to Follow

The Iranian Cyberspace Council Secretary has declared that cryptocurrency mining has been accepted by the country’s major authorities.

Secretary Abolhassan Firoozabadi has said that mining now needs the backing of legislation which allows for the activity to become legalized. The Ministry of Information and Communications Technology, the Central Bank, the Ministry of Industry, Mine and Trade, the Ministry of Energy, as well as the Ministry of Economic Affairs and Finance have all given the go-ahead after consultation with the Iranian government.

The news is somewhat surprising given recent developments in the nation which has sent rather mixed messages regarding the government’s view on cryptocurrency to those promoting its adoption.

Iranians have sent more than USD 2.5 billion out of the country for the purchase of cryptocurrencies. The revelation was made by Mohammad Reza Pourebrahimi, Iran’s Chairman of the Economic Commission of the Parliament, moments after US president Trump announced America’s withdrawal from the Iran nuclear deal earlier this year.

Iranians are still using Bitcoin as a popular alternative to traditional currencies, despite anonymous reports coming in from Iran that the government has been stifling the trading of cryptocurrency since May 2018 by blocking important exchange websites. The Central Bank of Iran had previously declared that all Iranian financial institutions were prohibited from facilitating crypto trading or any other crypto activity.

The new move indicates that the government of Iran has a use for cryptocurrency in mind, by its proposed development of a mining platform, plus its continued discussions around a national cryptocurrency, albeit a move which appears to be aimed at establishing measures to circumvent possible trade sanctions from the US.

The proposed currency will be controlled by the country’s central bank which will control any token issue, which will be backed by the Iranian rial. “The infrastructure is supposed to be as an ecosystem available for Iranian banks,” said the Central Bank of Iran on its news wire last week.

With regards to startups, the secretary has suggested that a regulatory framework will be introduced by this September.

 

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Iran Expected to Turn to Regulation After Ineffective Crypto Ban

Comments from the Central Bank of Iran’s Deputy for Innovative Technologies Nasser Hakimi indicate that Iran will legalize and regulate crypto activity sometime in September 2018, putting an end to an ineffective ban that started in April.

On 22 April, the Central Bank of Iran declared that all Iranian financial institutions are prohibited from facilitating crypto trading or any other crypto activity. The official explanation for the crypto ban was to prevent money laundering and terrorism but Mohammad Javad Azari-Jahromi, the Minister of Communications and Information Technology, admitted that the ban was to prevent capital outflows amid a worsening hyperinflation situation in Iran. This currency crisis is partially the result of the abrupt ending of the Iran Nuclear Deal, leading to progressively more intense international sanctions.

Crypto exchanges operating in Iran briefly halted trading after the announcement of the ban but within two weeks resumed operations. Additionally, peer-to-peer trading on Localbitcoins and other platforms greatly increased, rendering the ban ineffective. Iranians mostly disregarded it and bought as much crypto as they wanted, especially since it was one of the only safe harbors in the current economic storm.

Cryptocurrency is inherently unstoppable due to its decentralized nature. It is impossible for any government to stop Bitcoin if its citizens really want to use it. Iran reportedly went as far as using sophisticated technology to block crypto-related web traffic even if people were using VPNs. The government may now be realizing the futility of trying to prevent the use of crypto, deciding that legalizing and regulating crypto would allow some control over the market.

The Iranian government has allegedly been developing a national cryptocurrency during the ban. Some see it as a way to possibly circumvent international sanctions, which have prevented the country from using standard international financial infrastructure. Iran is expected to launch an official cryptocurrency backed by its native fiat currency the rial (IRR) before winter.

 

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Nations That Desire State-Backed Crypto Should Just Use Bitcoin

Iran has recently been making headlines regarding the development of an state-backed cryptocurrency. This is due to crippling United States sanctions that are progressively tightening since the Iran Nuclear Deal was thrown out by the Trump administration, which has caused hyper-inflation of the local fiat currency rial (IRR). Further, the US is stopping Iran from buying and selling foreign currencies, precious metals, and commodities. Iran now has a team developing an Iranian state-backed cryptocurrency from scratch, which raises the question, why go through the trouble of developing a state-backed cryptocurrency instead of just using Bitcoin?

Venezuela is in a similar boat, having launched its own cryptocurrency called the Petro. The Petro is supposed to be backed by Venezuelan oil, but the technical specifications of Petro and any relation it has to oil are undisclosed. That alone makes it too hot to touch for crypto investors, but the US has also made all Petro trading illegal. If Iran were to successfully create and launch a state-backed cryptocurrency, it would almost certainly be made illegal like the Petro, massively inhibiting its potential to be traded globally.

If Venezuela and Iran were to just start using Bitcoin, they could completely avoid this problem. The US cannot ban Bitcoin even if Venezuela and Iran declared Bitcoin to be their official currency. Bitcoin has worldwide infrastructure, making it highly liquid and optimal for trading, and it is decentralized. Since Bitcoin is decentralized and cryptographically secure, to the point that not even the most powerful supercomputer can hack its network, it would be impossible to freeze Iranian or Venezuelan funds sent with Bitcoin. This would renew Venezuelan and Iranian economic freedom, which has been crippled by US sanctions.

Even though these countries are having very rough times economically, they still have large amounts of wealth which they can use to buy Bitcoin. If they were to buy Bitcoin covertly at first and then announce to the world that they have adopted Bitcoin as their main currency, Bitcoin would rally. This would automatically bring extra wealth to Iran and Venezuela, something they desperately need right now.

Also, Bitcoin already has value due to broad worldwide demand and an excellent track record. This gets rid of the problem of trying to give a state-backed cryptocurrency value by backing it with something like bank reserves or oil, which can result in a messy and awkward situation that ultimately leaves everyone skeptical, inhibiting growth in value.

The best way to sum this idea up is the old saying, if it ain’t broke don’t fix it. Bitcoin is a pure decentralized cryptocurrency, with solid worldwide infrastructure and demand worldwide gives it value. It functions perfectly well for Venezuela’s and Iran’s need for a currency that can get around sanctions; they could even use the Bitcoin to buy Monero and Zcash if they want to be extremely secretive.

It makes little sense for Iran and Venezuela to try and develop their own cryptocurrency when it will probably be made illegal and won’t be as good as Bitcoin. Instead, these nations and any nations in the future which desire a state-backed cryptocurrency, should simply focus on using tested and proven Bitcoin.

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Bitcoin Trade Skyrockets on Turkey’s Crypto Exchanges as Lira Plummets

Cryptocurrency trading surged in Turkey on Friday with the news that the country’s struggling fiat currency lira plunged in value on the money markets.

More concerns about President Recep Tayyip Erdoğan’s economic policies and Turkey’s debt level sent the lira spiralling as global markets reflected their concerns about the state of that country’s economy. This was good news however for cryptocurrency as trading volumes at three of Turkey’s main crypto exchanges Paribu, Btcturk and Koinim witnessed a jump of 100% in just 24 hrs.

Turkey has experienced a bear market this year but terms of its relationship with Bitcoin and other cryptos, it’s been very upbeat, as one local university student observed on the weekend, “Every day there are new [bitcoin] exchanges coming up in Turkey.”

User Bitmov, an Instanbul marketing professional has been using bitcoin for over year to make overseas purchases and has now become his families crypto advisor. He commented:

“I started personally trading crypto 1.5 years ago because of the weakness of the Turkish lira, and fear of the political, and financial, status of the Turkish government. Cryptocurrency makes me feel much safer…If your national currency is falling like this … or you don’t trust centralized currencies and banks, what can you do? You should be your own bank, and I’m sure people all around the world will realize that”

This attitude is frequently reflected in other countries where unstable currencies are driving nationals towards a more stable kind of currency, such as in Venezuela and parts of Africa. Another such cryptocurrency user is Cardiologist from the capital Ankara, Bunyamin Yavuz who says he’s completely lost his trust of banks and now buys crypto such as XRP, Monero, and Stellar lumens. Yavuz only holds 10 percent of his currency in Lira, but 30 percent in cryptocurrencies.

There have been talks of a national cryptocurrency in Turkey for some time, following in the footsteps of the Venezuelan Petro, but this could hurt local exchanges if Bitcoin continues to become stronger and positions itself as an alternative.

Iran has gone the same way, although looking at a government-run crypto. But their current crypto trading position is different due to the use peer to peer transactions, overseas sanctions, and local government restrictions. Greater freedom exists in Turkey for those who wish to trade in Bitcoin. Concerns are growing though that the Turkish government may begin to take a harder line on cryptocurrency trading similar to that of its middle eastern neighbor.

The fall in the lira may be the first of many, given Erdoğan’s threats of an “economic war “ with the US. Although he has appealed for his country’s support for the currency, asking Turkish nationals to buy up the ailing lira for any other currency they own. It’s unlikely to be Bitcoin.

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Iran to Launch National Cryptocurrency Within 3 Months

The Deputy of Investment and Management Affairs of the Iranian Directorate for Scientific and Technological Affairs in the President’s Office, Alireza Diliri, has indicated that developing a national cryptocurrency is on the agenda. Government-run IRNA news network said a national cryptocurrency would be launched in the next three months after removing shortcomings, and a national standard cryptographic key had already been developed.

This report from the IRNA suggests Iran is developing this technology from the ground up, using its own new cryptographic standard, instead of using pre-existing cryptographic algorithms. This is perhaps not surprising since the United State’s National Security Association (NSA) developed the SHA-256 cryptographic algorithm used by Bitcoin. Iran would want to use encryption that the US would not understand since this cryptocurrency is being made in response to heavy international sanctions that are progressively going into effect and will be at full force by November 2018, following the US decision to dissolve the Iran nuclear pact.

Alireza Diliri says, “We are trying to prepare the grounds to use a domestic digital currency in the country. This currency would facilitate the transfer of money (to and from) anywhere in the world. Besides, it can help us at the time of sanctions.”

He said a large number of Iranian companies were working together to develop the cryptocurrency, and the Central Bank of Iran is helping in the process.

Iran now joins a small but growing list of nations that are launching state-backed cryptocurrencies, including the Bahamas and Venezuela. The details of Iran’s national cryptocurrency have not been disclosed. Iran has banned Bitcoin and other cryptocurrencies to prevent money from leaving the country during this time of rapid inflation.

Once the national cryptocurrency of Iran is launched, it will have tremendous potential for growth. It could be a safe haven for money, since the fiat currency of Iran, the rial (IRR), is rapidly devaluing, and it will be the only cryptocurrency allowed in Iran. However, how safe this cryptocurrency is for storing money depends on the parameters of the cryptocurrency, since Iran could code it so it can be printed like fiat, and can also code it so they can seize it out of accounts at will. It will likely have to be a centralized cryptocurrency for the Central Bank of Iran to give it approval.

The main point of this cryptocurrency is to send money across borders once international sanctions are fully in effect, since Iran will be banned from the international financial network. They will need something cryptographically-secure like a cryptocurrency to transact money securely.

 

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Which Countries Are Most Likely to Adopt Bitcoin First?

Bitcoin replacing a country’s government currency would be a huge achievement for cryptocurrency as well as a historical milestone. But which countries are most likely to adopt such a nascent currency?

One of the biggest drivers for adopting a cryptocurrency would be necessity. Countries where citizens experience hyperinflation, political instability, or other factors that shake confidence in a government currency typically see higher demand in alternative currencies like Bitcoin.

Countries possibly adopting Bitcoin on a major scale, for this reason, would be Iran, Venezuela and Argentina, to name a few.

Iran has made headlines with plans to withdraw EUR 300 million from German banks. Rising tension since 2015, when the US left the Nuclear Agreement, has only amplified with Trump entering the presidency.

The tension has only weakened confidence in the Iranian rial, leading to higher than market prices within Iran borders. Couple this with the US sanctions placed restricting liquidity and hyperinflation of 112%, and Bitcoin easily becomes the currency of choice for Iranian citizens.

While rial’s hyperinflation will lead to holders of the currency losing more than half of their value, this is nothing compared to Venezuela’s economic crisis.

A year ago, a cup of coffee in Venezuela was 2,200 Venezuelan bolivar (VEF), or around USD 0.20. Since then, inflation has been rampant, causing that same cup to be sold at VEF 1,400,000, for an effective annual inflation rate above 60,000%.

This has led to an extreme demand for the cryptocurrency; peer-to-peer exchange Localbitcoins shows Venezuela traders selling Bitcoin at rates of VEF 9 billion (USD 75,000) to VEF 19.5 Billion (USD 158,531). Despite these massive premiums and the cryptocurrency experiencing a correction of its own, Bitcoin is still a more attractive option than the fiat currency.

Such an extreme devaluation of the currency makes Venezuela a prime country to embrace Bitcoin wholeheartedly.

Argentina is in a similar situation and currently has the higher interest rate in the world (40%). Continually rising prices coupled with increasing unemployment rates makes Bitcoin a viable currency in this case, over the Argentine peso.

Cashless societies could also be primed for a crypto take over but cryptocurrency needs a lot of refinement before this could become a reality.

Contactless payment methods are already very convenient and with credit cards, even offer cashback rewards and customer protection. For cryptocurrency to penetrate markets like Canada, Sweden and the UK, digital currencies must not only offer similar characteristics but be much better than existing systems.

A good scaling solution needs to put in place as well, in order for Bitcoin (or whatever cryptocurrency a society adopts) to handle the number of transactions.

The third set of countries likely to adopt Bitcoin are the ones that are already open to cryptocurrency-related businesses, regulatory wise.

Countries that fall into this category include Japan, Estonia, Singapore, Australia, and South Korea. Sweden also goes into this category because despite its cashless society, recognizing Bitcoin as a legal form of payment.

Countries that are Bitcoin-friendly will typically have a higher percentage of citizens already exposed and actively using the cryptocurrency, making it far easier for Bitcoin to become widespread.

Being on welcoming turf also allows companies to come in and introduce new use case scenarios for the cryptocurrency, thus improving Bitcoin’s penetration rates.

Bitcoin is a fairly new currency and as more people begin to understand and classify it, more countries will become more receptive to the decentralized money. It will be interesting to see which country becomes to adopt Bitcoin as a dominant currency and if it’s from necessity, convenience or another reasons.

 

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Iranians Continue to Use Bitcoin Despite State Measures to Stifle Trade

Iranians are still using Bitcoin as a popular alternative to traditional currencies, despite anonymous reports coming in from Iran that the government has been stifling the trading of cryptocurrency since May 2018 by blocking important exchange websites.

Apparently, every single cryptocurrency exchange website is censored, including peer-to-peer trading hub Localbitcoins, and the government is using deep packet inspection so the sites can’t even be accessed with virtual private networks (VPNs), which change IP address and hide internet browsing.

Nevertheless, there are still plenty of active traders in Iran online on Localbitcoins, with several offering offline methods to buy or sell Bitcoin. CoinDance statistics on Localbitcoins also indicate little effect on trading volumes since May, with IRR 10.9 billion (USD 254,000) in Bitcoin exchanging hands in the last week of June.

As reported in a recent article on BitcoinNews, Iranians are looking to use cryptocurrency since the native Iranian fiat currency IRR is experiencing hyperinflation of 132% annually and growing rapidly. This hyperinflation crisis has been brought about by the United States pulling out of the Iran Nuclear Deal, which will result in a full-scale blockade on Iran’s international finance activity and trading. Even the government of Iran has been considering cryptocurrency to bypass sanctions.

However, Director of the IranObserved Project at the Middle East Institute, Ahmad Kalid Majidyar, says, “President Rohani doesn’t want Iranians to transfer foreign currency, especially dollars, outside the country”.

Essentially, the Iranian government is worried that outflows of money from the country via cryptocurrency could accelerate the decline of the economy. One anonymous source says trading cryptocurrency with IRR is completely banned.

In December 2017, the regulator in charge of anti-money laundering policy in Iran issued a decree to the Central Bank that financial institutions cannot facilitate cryptocurrency activity. This is similar to the ban that is about to go into effect in India on 5 July 2018.

Trading of cryptocurrency continues in Iran despite all of this in the form of in-person fiat to crypto deals, that is, Bitcoin dealing. Due to the decentralized nature of cryptocurrency, even if cryptocurrency is completely banned there is no way to stop Bitcoin dealing.

 

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Iran Looks to Crypto Amid Hyperinflation, Looming Sanctions

The Iranian Rial (IRR) is experiencing a hyperinflation rate of 132% annually and rising rapidly according to calculations by Professor Steve Hanke of John Hopkins University. Now, the Iranian government and the Iranian people appear to be looking to use cryptocurrency as a safe haven as their native fiat currency weakens.

#Iran‘s annual inflation rate measured for today, 6/29/18, is 132% pic.twitter.com/4NzcWIi9rZ

— Prof. Steve Hanke (@steve_hanke) June 29, 2018

The rapid rise in inflation rate is mostly the result of the United States pulling out of the Joint Comprehensive Plan of Action, also known as the Iran Nuclear Deal. Essentially, the deal was that Iran would stop producing nuclear weapons technology in exchange for the dropping of international sanctions. President Trump of the United States threw out the deal in May 2018, indicating that crippling financial sanctions against Iran would soon resume.

The sanctions will be a full embargo on all Iranian economic activity. No businesses or countries will be allowed to facilitate Iranian trade. The Iranian government could find cryptocurrency to be a good alternative since it is a decentralized system that provides cryptographically secure payments. Therefore, no government can stop Iran from buying or selling goods with cryptocurrency.

The Head of Iran’s Parliamentary Commission of Economic Affairs (ICPEA) says, “[IPCEA has already] obliged the Central Bank of Iran to start developing proposals for the use of cryptocurrency. Over the past year or two, the use of cryptocurrency has become an important issue. This is one of the good ways to bypass the use of the dollar, as well as the replacement of the SWIFT system. They [Russia] share our opinion. We said that if we manage to promote this work, then we will be the first countries that use cryptocurrency in the exchange of goods.”

Cryptocurrency is a potential safe haven as it more likely to maintain value and potentially go up significantly in the long term.

 

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