Iranian Riyal Crossing the Dollar, Transition to Popular Bitcoin

US President Trump recently said that sanctions would be imposed on Iran and the Iranian currency took a heavy blow with this statement from the US government. The Iranian Riyal is now living at its lowest level against the dollar.

The Iranian Riyal, which began to recover itself slowly after years of devaluing losses, was again hit hard. With the heavy depreciation of the country's national currency, Iranian citizens are not optimistic about the economy of the country.

The riyal, which was adversely affected by the sanctions of the US government, was heavily influenced by the Iranian government's various restrictions on foreign currency transactions.

Many citizens living in Iran began to switch to decentralized assets due to government sanctions and the depreciation of the local currency. The volume of transactions with Bitcoin in Iran has reached a record level in December, but it started to shrink. There was a renewed increase in the volume of Bitcoin with the announcement of the US administration's May sanctions. According to some local sources in Iran, citizens sell a total of $ 2.5 billion worth of land to buy Bitcoin and other crypt money.

A crypto money investor living in Iran has been in some clarifications to the CCN with anonymity and said that he received Bitcoin every month as part of his salary:

"Since I think that the central bank in Iran can not fix the bad economy, I started to buy Bitcoin and even Ethereum. I've read a lot of articles about people in China and Venezuela doing the same during the economic crisis. "

Iranian investor speaking to CCN says that the price of Bitcoin in the local black market has also gained considerable value. According to the investor's statement in the black stock market in Iran a month ago, 10 thousand dollars worth of money can be taken with Bitkoin now 20 thousand dollars worth of money is required.

Is National Crypto Money Possible?

Iran has banned Bitcoin and other crypto money a few months ago, but is considering removing its own crypto money.

The reason behind Iran's plans is, of course, sanctions imposed by the United States. Iran, like Venezuela, believes that a national crypto can get rid of these sanctions through money. However, US officials believe that the steps taken in this direction will not work, and emphasize that sanctions are applied to people and organizations, not to assets.