In October 2017, the Iranian government all but decided to implement Bitcoin as a means to completely bypass sanctions, while also allowing citizens to conduct international trades otherwise not possible. Now, however, the Islamic Republic on the Persian coast has changed its mind. A Foolish Inconsistency According to the independent Iranian news site Iran Front Page (via Fortune), the Republic’s central bank claims it never recognized, nor planned on recognizing, Bitcoin as an official currency.
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Iran’s citizens are straining under the weight of aggressive financial sanctions as result of its nuclear initiatives. Cryptocurrencies like Bitcoin provide a circumvention solution. Even though Bitcoin continues its somewhat volatile price jumps, it is still a desirable asset for investors around the world. Since its phenomenal growth last year, people are buying and holding until it reaches even greater heights. Bitcoin Is Not Just Something to Hodl Onto According to The Hill, however, for
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Iranian authorities are taking appropriate measures in order to implement an effective infrastructure for Bitcoin usage in Iran. Bypassing Regulations As the tensions between Iran and the west rise, the Iranian government is looking for a way to integrate Bitcoin into its economy. Currently, the relations with the USA and Iran have been rather stagnant as Donald Trump called the Iran deal the “worst deal ever”. The Islamic republic is still suffering from international sanctions that affect