#1 Source For Bitcoin And Altcoin News
Iran may employ cryptocurrencies as part of its efforts to circumvent the upcoming US sanctions, according to a high-ranking Iranian lawmaker who said the matter will be discussed in parliament soon. The Iranian MP also believes that digital money can help with overcoming the hegemony of the US dollar.
Also read: PBoC: Bitcoin Trading in Chinese Currency Drops Below 1% of World Total
The significance of Bitcoin as a borderless and neutral money is becoming increasingly apparent as the U.S. is attempting to block Iran from accessing its bank account.
On Tuesday, U.S. ambassador Richard Grenell revealed that the U.S. government is extremely concerned about Iran’s plans to withdraw 300 million euros in cash held in German banks, Reuters reported. “We encourage the highest levels of the German government to intervene and stop the plan,” said Grenell.
Concerns from Russian traders that they may be unable to access Bittrex once the exchange’s new terms of service come into effect this month appear to have been alleviated. Starting March 9th, the exchange will formally block residents of North Korea, Iran, the Crimean region, Syria, and Cuba from accessing its trading services.
Also Read: The Next Generation of Politicians Will Be Crypto’s Biggest Advocates
Last month, Las Vegas-based cryptocurrency exchange, Bittrex, published its new terms of service, which are expected to come into effect on the 9th of March.
Iran’s citizens are straining under the weight of aggressive financial sanctions as result of its nuclear initiatives. Cryptocurrencies like Bitcoin provide a circumvention solution.
Even though Bitcoin continues its somewhat volatile price jumps, it is still a desirable asset for investors around the world. Since its phenomenal growth last year, people are buying and holding until it reaches even greater heights.
According to The Hill, however, for the citizens of Iran, it is more than just a store of value. Hadi Nemati, a cryptocurrency researcher in Iran working at Blockchain Match, explained:
