One of the major hurdles to tackle is making it easier and more convenient for consumers from all over the world to purchase Bitcoin. Iran, of all countries, is a place where buying Bitcoin is easier, compared to many places in the world. Whether or not BTXCapital will be a success in Iran remains to be seen, as virtual currency is technically illegal in the country.
Bitcoin Is Illegal, Yet Accepted By Multiple Parties
Making a virtual currency such as Bitcoin illegal in a specific country is all well and good, but enforcing that rule is an entirely different matter. Take the country of Iran, for example, where Bitcoin is officially speaking illegal, yet various merchants accept it as a payment method without further consequences. And now Iran also has its very own Bitcoin exchange platform, provided by BTXCapital.
Just last year, the Iranian Internet Infrastructure and Policy report indicated that, while Bitcoin is illegal, proper regulation would follow at some point this year. To this very date, no regulatory framework for Bitcoin has established in Iran, but that situation might be changing very soon due to the release of this Bitcoin exchange platform.
Several major players have been using Bitcoin as a form of payment in Iran for many years now. LocalBitcoins, the world’s largest decentralized peer-to-peer Bitcoin marketplace, has gained a foothold in the country. Online Bitcoin market CoinAva has been successfully accepting virtual currency payments since 2013. Last but not least, Persian Leather Shoes has also been accepting Bitcoin payments for quite some time.
“Before launching this website, our international sale has been limited to a few dedicated customers who knew about the quality of our products and were prepared to go through a lot of trouble to pay us! This of course, may sound incomprehensible for people who have all sorts of electronic payments at their disposal. However, before finding out about Bitcoin, receiving our money was the number one obstacle in expanding our business.” – A Persian Leather Shoes representative stated.
It goes without saying that Iran has had a troubled history of economic growth, stagnation, and recession. Part of this can be blamed on sanctions imposed by the United States and the United Nations. As a result, black market dealings saw an exponential growth in the country, with most of the transactions revolving around buying and selling foreign currencies.
Lack of Financial Services Creates Opportunities For Bitcoin And BTXCapital
To make matters even worse in Iran, there is hardly a financial infrastructure to speak of. Foreign credit and debit card providers can not gain a foothold in the country and the local ATM network is limited to access with locally issued bank cards only. With 57 percent of the Iranian population using the Internet on a frequent basis, cashless transactions seem to be the next logical step in the evolution of financial transactions in the country.
“The Iranian market only offered inconvenient ways of buying bitcoins in the past. With roughly 50 million Internet users, Iran has a huge and yet untapped market potential for bitcoins and other cryptocurrencies.” – BTXCapital told DigitalMoneyTimes.
What makes BTXCapital so interesting is how the exchange platform uses Draglet’s white-label solution, allowing for instant deposits and a user interface in the local Farsi language. Additionally, there is a strong focus on security, customization and user experience, with instant cryptocurrency conversions worldwide.
“One feature of Bitcoin is the fact that the value of bitcoins is determined by supply and demand in the market and not by the influence of one or a few exchanges. In our platform, users can sell and buy bitcoins based on their own price assessments and in doing so we are providing a safe and stable environment. We trust that this will lead to the transparency of cryptocurrency prices in Iran.” – BTXCapital CEO Ali Hosseini concluded.
Source: Press Release via Email
Images courtesy of BTXCapital, Shutterstock