Iran intends to fight against the American sanction through Bitcoin

Two days after Trump announced that the United States will withdraw from the The Iranian nuclear deal, the Treasure Department of United States declared to implement a new round of sanction against Iran on 10th, May. It is reported by Forbes that the Iranian intend to fight against the economic blockade from America by bitcoin. Currently, 2.5 billion U.S. dollars have been transferred out of the country.

Although the Iranian Central Bank issued a ban in April about cryptocurrency to prohibit banks in the country from processing Bitcoin services and promoting cryptocurrencies. However, according to Mohammad Reza Pourebrahimi, the chairman of the Iranian Economic Commission, by now, Iranian citizens have spent 2.5 billion U.S. dollars to buy btc and transfer the money abroad. Although the action will lead to capital outflow and aggravate domestic economic crisis, Iranians may still continue to transfer funds by Bitcoin, because of the high bitcoin value.

Similar situations have occurred in other countries which suffered from economic crisis. For example, in Zimbabwe, bitcoin price is much higher than the global average price, so bitcoin has become the most reliable way to preserve and transfer assets in Zimbabwe. However, there are some national governments intending to solve the crisis through cryptocurrency. The most radical country is Venezuela. President Madewell promoted Petro nationally, and has already raised over 3 billion U.S. dollars of foreign investment. Besides, Some Russian government officials have stated that cryptocurrency may be used to break the economic blockade from the United States.

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