Can I borrow your magic carpet? I want to fly to Iran to sell my bitcoins
The government in Iran has been feeling The Heat ever since sanctions were levied against it by
the US and other countries around the world.
Following which the Iranian currency rial has been getting devalued and keeps losing it's
buying power.
As a result the people are facing feeling increased difficulties. The Iranian oil which has been historically its strength is also not able to help the country much due to the ongoing sanctions.
In the current development of events the Iranian government has legalized the cryptocurrency
industry.
The news of the Iranian Governments recognition and legalizing of the cryptocurrency mining
industry in Iran has given a new fillip to the confidence of the supporters and enthusiasts of bitcoin
and cryptocurrencies in Iran.
Subsequent to the to this positive news people in Iran started lining up to buy bitcoins. Due to
this frenzy the price of bitcoin sky rocketed and reached upto $26000.
This price is more than four times the price prevailing in the international markets.
Iran being the latest country to be bitten by the cyptocurrency bug is observing an increased demand for bitcoins.
Another factor which makes the people and the government of Iran incline towards
cryptocurrencies and bitcoin is the spiraling inflation and devaluation of the Iranian currency,
the Rial.
The Iranian economy is following the path followed by Venezuela.
The price variation of bitcoin in Iran and other countries creates a huge arbitrage opportunity. However with little business ties and difficulty for outsiders and foreigners to trade there bitcoins in Iran
even if one were to trade bitcoins for Iranian rials they would have a currency that is devaluating fast and has even less takers outside Iran.
However human ingenuity knows no bounds and surely there would be some work around and business opportunity waiting to be discovered in this new development in Iran.
You got a 22.64% upvote from @upmewhale courtesy of @goldenraven!
Earn 100% earning payout by delegating SP to @upmewhale. Visit http://www.upmewhale.com for details!
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by goldenraven from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
Congratulations @goldenraven! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
This post has been resteemed to 7000+ active steem accounts by @kvnq
.
.
@goldenraven more articles will be?
Congratulations @goldenraven! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPthanks for updating on this , good to have exposure to this
Congratulations @goldenraven! You received a personal award!
Click here to view your Board