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Iran May Ban Usage of Foreign Mined Cryptocurrencies as Mode of Payments

In the past several decades, the United States has managed to use Iron-Fist in different countries with the help of its allies. It has a deal with several countries with its military power and might for its personal gains. On the other hand, countries that resisted the United States’ policies and conditions ended up facing sanctions.

The United States has even set tiers when it comes to passing sanctions against the countries it does not like. Some of the major countries it has imposed some of the harshest of sanctions include Cuba, Venezuela, and Iran.

As a result, the economy of all three countries has taken a huge impact and they are finding the situation difficult to deal with. Fortunately, all three countries have found great support and help from the cryptocurrency sector.

Due to the sanctions imposed on Cuba, the banking systems in the country are completely outdated and unreliable. When it comes to online payment solutions such as PayPal providing their services, they do not do it because of the pressure from the United States.

Therefore, the Cubans living outside Cuba working in other countries have found Bitcoin (BTC) as the best source of remittance.

Using Bitcoin (BTC), the Cubans working abroad are able to send money back to their families in Cuba via agents who even travel for miles to deliver money to the recipients.

Then there is Venezuela, which is currently facing the worst inflation in its entire history. Although the country has some of the highest petroleum and gas reserves, yet the country is unable to extract them. This is mainly because the country has no resources to produce the funding for such projects.

However, Venezuela has found cryptocurrencies as the best solution as it has started mining cryptocurrencies on a large scale. The country is reportedly paying foreign companies for their services in Bitcoin (BTC). In restaurants and locals are preferring BTC over their local currency as it has no value at all.

Then the last country is Iran, which has been under United States’ radar for almost a decade. It is the latest country that had several sanctions passed against it by the United States and its allies.

The country recently permitted the usage of cryptocurrencies and Bitcoin (BTC) for payments. However, the cryptocurrency firms could only offer the cryptocurrencies that were acquired through Iran-based mining firms with licenses to mine.

Now the country has taken yet another step to ensure that it is able to protect the country’s digital currency empire. Although the majority of the cryptocurrency community in Iran has opposed the idea, the blockchain advisor and lawyer explained what Iran is aiming to achieve with this implementation.

Fatemah Fannizadeh stated that the recent implementation would be imposed only for the forex exchanges and banks.

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