10 May 2018 00:00, UTC

As reported by the major financial media, Iranian citizens are still able to convert their funds into bitcoins even despite the ban recently imposed by the government.

This has been confirmed by Priscilla Moriuchi from Recorded Future who has also demonstrated a partial lack of knowledge of blockchain technologies, according to some social media posts. She thinks that the increase of demand for Bitcoin in Iran may also create network overloads, while other observers insist this is not how Bitcoin works.

While Bitcoin has been popular in the heavily-sanctioned Iran, the demand for it may grow due to the latest world politics events. Yesterday, U.S. President Donald Trump has announced his decision to withdraw from the nuclear deal he deems non-beneficial. More sanctions are likely underway, as the Iranian government has already expressed its intention to do anything they think is necessary. This will further weaken the local currency called rial and make Bitcoin more popular.

The ban of cryptocurrency activities - exchanges and the like - has recently been imposed by the Iranian government even before the latest news on the nuclear deal cancellation. Evidently, the prohibition is a avoidable for the local population.

Image: The Financial Courier

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