Bitcoin Helps People Circumvent Economic Sanctions in Iran

[jamie.redman1]

This past February, Valiollah Seif, governor of the central bank of Iran, told press on national television that Iran would eliminate the use of the U.S. dollar within the country. As the middle eastern country’s economic situation shifts, the region is steadily becoming fertile ground for bitcoin adoption.

Over the past few years, people have stated they believe Iran is the perfect candidate for embracing bitcoin’s censorship resistant utility. The logic behind this is largely due to the U.S. sanctions against Iran, which strictly enforces economic embargos and trading bans against the country. Many other countries also follow the sanctions as the U.S. and the United Nations Security Council has put a lot of pressure on allies to support the trade guidelines.

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