With U.S. President Donald Trump declining to renew a nuclear deal with Iran, citizens of the country are turning to Bitcoin. Iran is facing renewed sanctions from the United States which could signal the start of new economic problems. There are also reports that the Iranian government is looking to create a state-owned cryptocurrency.
Impending Economic Troubles
Fresh sanctions from the U.S. will adversely affect Iran’s exports especially oil which forms a considerable portion of its GDP. The country’s currency, the rial has lost a lot of ground on the U.S. dollar. This decrease in value follows several months of forex shortage and financial difficulties in the banking sector. As a result, the local economy has been declining with the situation expected to worsen with the issuing of fresh sanctions. The Central Bank of Iran (CBI) has tried to remedy the situation but seemingly to no avail. The apex bank unified the official and black-market forex rates, but the rial has continued to plummet.
Iran Sanctions: People Are Turning To #Bitcoin To Get Money Out https://t.co/ascSmWuI17
— Dennis Parker (@Xentagz) May 10, 2018
A State-owned Crypto Solution.
There have been numerous reports …
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