BTC Wires– Recently, Iran saw an outage of domestic onramps in their cryptocurrency hedge against inflation, which led to a roadblock in their cryptocurrency market. According to new censorship by the Iranian Government, each and every exchange of cryptocurrency has been filtered since the month of May. This has led the Iranians to cut off any links that they have with the crypto economy before the renewal of the US sanctions that are scheduled in the month of May, August and November.
This scenario dramatically highlights all the complexities of the resistance of Iranian people against the censorship laws. According to an Iranian source, “Many people are using it [bitcoin] as a hedge instrument because buying BTC is easier than going into the black market to buy yourself US dollars.”
According to a tech blog of Iran, Binance has told one of the concerned users of its crypto exchange platform that they do not plan to make any restrictions on regional services. It is the sole responsibility of the users to make lawful use of Binance. This includes both local restrictions as well as international sanctions. The Binance spokeswoman did not comment specifically on Iran, but this is what she had to say about Binance laws in general.
In general, these censorship actions have starkly reversed Iran that had initially appeared as the flag bearer of the blockchain boom. The Minister of Information & Communication Technology, MJ Azari Jahromi said that they are moving ahead with a high-level technological plan for this “Separate Financial System.”
However, the enthusiasts of the bitcoin technology, who have been working actively with it, feel anxious about the whole issue but not entirely hopeless. Some of these enthusiasts are still trading with cryptocurrencies among acquaintances to exchange local cash with them.
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