Iran: Bitcoin usage is increasing!

According to media reports, use of Bitcoin by the Iranian population has increased dramatically since the beginning of the demonstrations. Danger for the local economy, because the US government recently threatened Iran with further sanctions. Parts of the population fear a devaluation of their currency, the Iranian Rial. According to a recent statistic, Bitcoin’s nationwide trading has increased more than 1,000% since Christmas 2017.

Due to the Iranian missile program, the assets of five companies are frozen and they are suspected of being actively involved in the rearmament of the country. In addition, US wants to take action against persistent human rights violations. In this regard, a special meeting of the UN Security Council was scheduled for Friday afternoon in New York. In Iran over 1,000 demonstrators were detained and more than 20 people were shot in the street. Add to this the increasing restriction of telecommunications.

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The general uproar seems to push the crypto currencies hard. So the Tehran Blockchain expert Ziya Sadr was known putting his fortune into different crypto currencies. He cited the unstable economic situation in Iran as reason. Sadr believes that the belief in the national currency is dwindling every day. In his environment, several people would have done the same to come before a possible devaluation of the currency before. Sadr recommends that all Iranians invest their money in Monero because of their anonymity. So far, there was no indication that the Tehran government wanted to ban the use of Bitcoin or Monero. Members of the community are certainly in a position to circumvent the state censorship measures. In addition to constant Internet failures it is also more likely to come to the failure of the telephone lines and mobile. Apart from that, various technical measures to block social networks were not installed until yesterday. Therefore, within crypto-community you can handle the censorship quite well with the help of the Tor network or a VPN.

Bitcoin worth more than $ 70 billion was probably traded in Iran! Number of state-owned P2P trading platforms is said to have doubled in recent weeks.  As economic situation worsens as a result of protests and US sanctions, a further increase in the use of crypto currencies is very likely in Iran.

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