Over the years, Iran and the economy of the country went through a lot. The country had a lot of challenges, which are visible today as well. The situation seems to be very hard, and the country has a very hard time when it comes to international trade because Iran simply does not have the same access to the USD as other countries have.
These problems are mostly caused by the sanctions introduced by the United States, and Iran has to find a new way to the world market if it wants to survive.
The love-hate relationship between Iran and Crypto has been going on for a very long time now. While some see crypto as a chance for the country to overcome its current challenges, many see it as a waste of resources and time.
At some point, the government of the country decided to ban crypto trading altogether. After this, people started to ‘mine,’ which was prohibited soon after as well. However, quickly, the leadership of the country saw how profitable it could be and the people of Iran once again were able to mine crypto. Today, the talks between government and crypto-enthusiast of the country are still ongoing, as many are trying to come up with ways to incorporate crypto in the everyday life of Iran.
We talked with one of the representatives of http://forexbrokerslist.com/, Harper Blackwood, who told us the current situation in the country. “As of today, the FX situation in the country is very bad. People simply do not have access to any markets, which makes their life as hard as it can get pretty much. Recently, Iran had to develop its own crypto industry, in hopes of creating some chances for imports, but it’s very hard to tell how this will work as there are pretty much no countries willing to accept cryptocurrencies as payment for exported goods” said Blackwood.
Because of the challenges that the country faces, every industry is struggling to develop. The imports are becoming harder every day, as the sanctions from the US are getting tougher.
Car imports and Iran’s crypto mines
Some experts are saying that the government of the country plans to approve a proposal to use crypto funds to pay for car imports. However, recently, the Central Bank of the country has claimed several times that this type of funding would not be possible because of the hyperinflation of the rial.
However, the supporters of this idea are planning to hold meetings with the president of the Central bank to discuss possible changes. The company behind this idea has already started working with brands in the private sector, and they are already getting ready to create a framework for crypto transactions, in case the central bank agrees with this idea.
It is vital for Iran and other countries like it to work on the adoption o the crypto to make sure that they have some advantages over other countries, otherwise, it is very hard to imagine the successful future of the country.
Although there are some hopes, it should also be noted that the country fights against illegal mining a lot. Recently, the country has closed down more than a thousand crypto mining farms because they did not have any license for operation.
US sanctions on Iran
The sanctions imposed by the United States on Iran are creating a lot of challenges for the country. Because of the sanctions, the economy of the country was very badly affected. One of the biggest sanctions that the country has received over the years was because of the country’s nuclear program.
In 2015, however, the leadership of the country made a deal with countries around the world, including the USA, that it would limit the activities if the sanctions were lifted. To overcome the challenges that the country faces, many experts are saying that the adoption of crypto is the way.
However, the final decision from the side of the government still has to be made and as of now, itis very hard to forecast everything. The main reason for it is that they have changed their view about this matter a lot recently.
Exchange rate of rial
For almost four years, the president of the country managed to keep the currency stable. However, because of the sanctions, it went down soon after. In the last few years, the price of the local currency of the country has hit record lows, and one of the main reasons for Iran’s economic problems and high demand for foreign currency.
The economy of the county is very much dependent on the price of oil. Because of the recent crisis and the developments, the economy of the country has struggled a lot. The price of oil has dropped significantly during the Covid-19 pandemic, creating a very scary situation for Iran and its local currency, rial as well.
Because of this and many other reasons as well, the life of regular Iranians is getting harder every day. People are faced with a lot of challenges, which seem to be very hard for the leadership of the country to overcome.