Can Bitcoin Save Iran’s FAILING Economy? – Here’s What Iranians Are Already Doing

what is up ladies and gentlemen and welcome back to another video here today and in this video I'm going to be discussing something that honestly makes me really happy to see and that is Iranians using Bitcoin as its kind of intended as an anonymous electronic currency that isn't affected by the nation's overlying economy but before I get into a bit more detail I want to go ahead and say if you like this video leave a like it really helps me out subscribe become a cache house army member today share this video with your buddies and that is all so let's go ahead and get back into the content so Iranians are increasingly turning to Bitcoin and other cryptocurrencies in the wake of the u.s. exit for a multilateral nuclear accord with the country this week the news has plunged the country into economic turmoil resulting in a surge of interest toward crypto as Forbes reports Thursday May 10th mounting anticipation that the Obama era accord would collapse has brought Iran to the brink of a national currency crisis with the Iranian rial losing around a quarter of its value in the past six months which is obviously pretty extreme in response the government has unified it's official and open market exchange rates and has turned to draconian measures which are honestly just really anti-democratic including the arrest of foreign exchange dealers according to Iranian at Radio Farda without access to the international banking system the moves have straitjacketed those Iranian citizens hoping to cash out of the country which I honestly think is a pretty good idea right now Forbes spoke to one citizen who explained that with exchange offices closed sanctions being imposed in the real drop in like crazy it seems like a good idea to use Bitcoin I know that there are a few people selling and buying Bitcoin in Iran with local bitcoins which is actually a local Bitcoin distribution network for now it seems like Bitcoin is literally the only way to get money out of the country but with the rampant inflation of the rial a lot of people won't be able to afford it and Forbes notes that there are currently 17 people in Iran selling Bitcoin via the website local bitcoins which connects buyers and sellers globally nonetheless according to Mohammad Reza for Brahimi chairman of Iran's economic commission citizens have so far succeeded in siphoning a staggering 2.5 billion dollars out of the country in crypto in an attempt to stem the outflow Iran's central bank banned domestic financial institutions from dealing and cryptocurrencies in April which is honestly just a huge red flag and this is something that I really like about Bitcoin is it conserve as a workaround to these traditional financial institutions it allows people to kind of put up their middle finger to the central banks and just kind of actually use their money without experiencing insane inflation which i think is a very good thing and it's one of the best use cases for Bitcoin overall threat intelligence manager Priscilla Morra you Chi told Forbes that Iranians might still manage to move money out using cryptocurrencies but that they would need to make use of services such as mixers to obfuscate the origin and destination of their transactions she noted that anonymity oriented coins such as manera or litecoin might be even more useful than Bitcoin itself the future of crypto in Iran may not lie with citizens but with the government itself an Iranian Minister revealed a State Bank digital currency project for the country's banking system in February an experimental model of which was completed in April the move has drawn parallels with Venezuela centrally issued petrol which many have viewed as a response to the country's own crippling sanctions Trump has already prohibited US citizens from buying the petrol and more yuichi emphasized that an Iranian coin could face similar hurdles but those last couple of points are kind of aside the main topic I honestly think that it's fantastic that Iranians in a struggling economic system are using Bitcoin and other cryptocurrencies as a workaround in order to get their well-earned assets out of the country before the rial is totally eaten up by inflation obviously this is a situation that no one wants to be in but I think that it honestly proves a great a use case scenario for Bitcoin and that despite local even countrywide crises the money of citizens can still be valuable in crypto currency and that cryptocurrency is still valuable because of its anonymity and because of the use cases that it presents outside of the country itself now it sounds like a lot of people within Iran are currently exchanging their local currency for Bitcoin however those already holding Bitcoin I'm sure are honestly very happy about having the extra assets on hand and in this situation the coin is far less fluctuate than the local currency a lot of people say the bitcoin is too volatile and that they're not comfortable with it for that reason but if you look at this use case scenario it's doing these people a lot of good and I personally think that is fantastic so anyway folks that's just something I want to cover because I thought it was really pretty interesting I'll have more Bitcoin news coming up soon thank you all for watching feel free to subscribe once again like this video share it with your buddies if you think they would enjoy it and all of you have a truly fantastic day see all of you the next one let me know what your opinions are down the comments section below and adios

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