Iran Sanctions: People Rely On Bitcoin Not To Lose Their Money

Experiments with Bitcoin form the wealthiness of people. Here is how Kim Jong-un in North Korea, Nicholas Maduro  in Venezula have tried to make Bitcoin the integral part of the economy.  Today the current and the seventh President of Iran Hassan Rouhani has begun experimenting with Bitcoin and cryptocurrency as the country braces for fresh, US led, Iran sanctions.

Of course it has been scheduled for some time but yesterday the decision of the U.S. President Donald Trump to withdraw from a 2015 deal to curb Tehran’s nuclear programme became a blow for the country, inciting fears of an economic crisis caused by the devastating sanctions, which are expected to reduce the export of oil and other commodities of the country.

Yet, in expectation that the Obama-era deal would crash down, Iran started developing and trying to regulate an experimental local cryptocurrency last year.

The youngest Iranian minister Azari-Jahromi told the IRNA state news agency in April that there is a “Digital Currency in the internal development” following a statement he published on Twitter in February that the governmental Postal Bank had been working with local experts on experimental cryptocurrency .

With great interest and excitement economists and currency experts have been watching Venezula introducing its state-supported currency “Petro” at the beginning of this year.

Nevertheless, the country’s plans were complicated by Trump’s ban on the purchase of the Ptro by the US citizens, authorizing U.S. Treasury Secretary Steven Mnuchin to use any necessary regulations to enforce the order.

 

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