[2018-05-09] $2.5 Billion Sent Out of Iran to Purchase Cryptocurrencies

[maarx]

The chairman of the economic committee of Iran’s parliament has revealed that Iranians have sent more than $2.5 billion out of the country to purchase cryptocurrencies with. His statement follows the country’s central bank banning local banks from dealing with digital currencies including bitcoin.

$2.5 Billion Capital Flight

Mohammad Reza Pourebrahimi, the Chairman of the Economic Commission of the Parliament of Iran, was quoted saying last week by Ibena.ir news agency:

Based on the existing data, few people in Iran are cryptocurrency users and more than 2.5 billion dollars has been sent out of the country for buying digital currencies.

https://news.bitcoin.com/billion-iran-purchase-cryptocurrencies/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications

He previously told Isna newspaper that Iranians had transferred $30 billion out of the country over the few months ending March. “Iranians do not have access to the international banking system and the transfers can only occur through unconventional ways, such as exchange dealers or international travelers,” Radiofarda explained.

The chairman’s statement came on the heels of the Central Bank of Iran (CBI) banning banks and financial institutions from dealing with cryptocurrencies, citing money laundering and terrorism financing risks.

Citizens are so keen on investing in crypto but the authority is keen on banning crypto?

[jjacob]

With Trump reimposing sanctions on Iran, the Central Bank will discover the virtues of it's citizens holding cryptocurrencies. These new sanctions show how fickle the international banking system can be. All it takes is one man changing his mind to create chaos. The advantages of cryptocurrencies have never been so apparent.

[Lucius]

It is quite understandable that people turn away from a centralized financial system and trying to invest their money in cryptocurrency.The logic of such procedures is quite clear, to save your money(fiat) from inflation and even profit in that process.It is funny that Iranian official say only few people use cryptocurrency in Iran and over 30 $ billion is used/transferred for buying same thing.So he is wrong or there is just few extremely rich Iranians who convert their wealth in BTC.

It is also funny what statements they give regarding local cryptocurrency,one minister say "experimental local cryptocurrency has been developed and a test model was ready" , and chairman of their parliament say afrer that "No virtual national currency has been designed in the country at the present time.”.Someone obviously does not speak the truth there...

[Slow death]

Their political regime does not allow their people to become free they do not have a good democracy, so this shows that the government is worried about itself and not with the possibility of someone in their country to use bitcoin for money laundering, countries like iran who make many enemies and constantly live espionage against the US and so many of their enemies will not accept bitcoin and altcoins, because they must have control of all their citizens, not to lose their power.

With Trump reimposing sanctions on Iran...

This time he had no reason to do this, I think he should not do such a thing.

[act now]

Of course, in conditions of uncertainty, people will buy cryptocurrency. Another thing is that in Iran  such activities are prohibited now(there was already news about it). But after Trump's  decision, this is nothing surprising...

[aoluain]

With Trump reimposing sanctions on Iran, the Central Bank will discover the virtues of it's citizens holding cryptocurrencies. These new sanctions show how fickle the international banking system can be. All it takes is one man changing his mind to create chaos. The advantages of cryptocurrencies have never been so apparent.

Whoever bought crypto did so at the right time, they were given a few days warning
that Trump was going to pull out of the agreement with Iran and so creating a lot of
uncertainty in the region.

This move to buy crypto is a hedge against the oncoming uncertainty, great move

[prehisto]

This is totally understandable.
What should people do when their own currency becomes almost worthless as monopoly money, such isolated country in a such a geo-political situation .
I would do the same, I would try to buy cryptos or valuables which ever is more accessible.