Friday, March 29, 2024

Iran

by Hideo Nakamura
Iran

Iran is a country located in Western Asia, bordered by Iraq to the west, Turkey to the northwest, Armenia and Azerbaijan to the north, Afghanistan and Pakistan to the east, and Turkmenistan to the southeast. It has a population of over 80 million people and is part of OPEC (Organization of Petroleum Exporting Countries). Its official language is Persian (Farsi).

In terms of cryptocurrency usage in Iran, it differs from other countries due its unique legal framework regarding digital currency. In April 2018, Iran’s Central Bank issued regulations for crypto-related activities in an attempt to protect users from fraud. The government also created regulations that allowed companies operating within Iranian borders access to cryptocurrencies so they can make international payments without going through traditional financial channels which often involve high fees or sanctions risk.

The situation changed drastically during 2020 when US imposed severe economic sanctions on Iran as a result of increased tensions between two nations. These sanctions resulted in significant disruption for businesses looking into using cryptocurrencies for international payments as banks were no longer able provide such services due fear associated with potential US penalties if caught engaging with sanctioned entities/persons or goods originating from sanctioned countries like Iran. As such many businesses had no choice but look into alternative means such as decentralized blockchain networks like Ethereum where transactions are peer-to-peer and not dependent on banks or governments permission – making them very attractive option for those attempting circumvent US restrictions while still having ability pay their overseas partners/suppliers securely using digital currencies instead of cash payment via third party intermediaries like money brokers etc which carries additional risks & costs associated with it .

Despite all these difficulties , Iranians have embraced cryptocurrencies enthusiastically especially Bitcoin – creating vibrant local marketplaces where individuals who normally would not be able access banking services can now buy/sell BTC safely & quickly . Local exchanges are growing rapidly offering variety trading options including margin trading plus wide selection Currency pairs include both fiat currencies & altcoins giving customers more freedom than ever before when converting their funds . Additionally there are even specialized ATM machines allowing direct purchase BTCs – something previously unheard off prior 2019 sanction regime .

Overall we can conclude that although current global political climate presents numerous challenges specifically related dealing with foreign organizations , citizens living inside Islamic Republic remain positive about future adoption digital assets helping bring greater ease speed conducting business operations throughout world regardless geopolitical divisions existing today

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