The Iranian economy is going through strong challenges…and digital and cryptocurrencies may be the solution

The Iranian economy is going through strong challenges…and digital and cryptocurrencies may be the solution

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Answer The Iranian economy is going through strong challenges…and digital and cryptocurrencies may be the solution

The Iranian national currency fell in price to its lowest level after the implementation of the embargo and freezing decisions on the Iranian economy imposed by the European Union and the American administration.

The Iranian rial, which had started to rise continuously after several years of decline and decline, its price has fallen in the recent period significantly and the rate of its sale in the black markets or government banks is greater than before. Thousands of Iranian citizens today object to many economic plans and projects, To make matters worse, the Iranian authorities imposed restrictions on foreign exchange trading and also monitored market activities and monitored individuals who defrauded the new decisions.

Read:Bitcoin is back below the $40,000 level…NEXO is soaring for this reason!

This situation has made the Iranians stuck between law enforcement agencies on the one hand and maintaining the national currency, whose price is deteriorating day by day. After the sanctions were effectively implemented last month.

Although the trading volume is less than the required average, the percentage of bitcoin traders is increasing day by day, and Iranian media outlets reported that Iranians only bought bitcoin for nearly $3 billion.

According to one of the Iranians, like many young people inside the country, he bought Bitcoin with a portion of his salary and all of this is just a precautionary measure for fear of a drop in the price of the currency. He also added that he bought Bitcoin, Ethereum and some other currencies, and oh, the Iranians have doubts about the Iranian government To get past this precarious situation.

Today, the price of the Iranian rial has fallen strongly against the US dollar and against cryptocurrencies as well, and the desire of investors, businessmen and even Iranian citizens to buy bitcoin has doubled.

Read:The Saudi British Bank launches a dollar settlement service using the Ripple system for companies

Iranian government solution

Iran, which previously announced a ban on trading in Bitcoin and other currencies, will launch its own cryptocurrency and the government has confirmed that it has launched a national wallet and a blockchain-based currency.

Read:A hacker managed to steal $500,000 of Ethereum through a DeFi app

Despite all the efforts made, the US institutions assume the futility of these actions, because the sanctions are applied to individuals and companies and not to financial assets, and the US administration has also announced imposing sanctions on any regime that deals directly with the Iranian government.

The Iranian citizen is not the first to do such actions when the local currency rate drops, but he was also preceded by the Chinese and Venezuelans who converted their money to other currencies.

One of the actual experiences is that Venezuela is issuing a currency backed by the cash reserve and the initial selling price was $59, but today the price is less than $20 with the global demand declining.

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