Beyond Islamic Doctrine, Iran Needs Bitcoin
Amid escalating tensions in the Middle East, Iranians are increasingly turning to cryptocurrencies like Bitcoin and USDT as a safe haven for their assets, seeking protection from the rapid devaluation of the national currency, the rial. Following recent military actions, outflow from Iran’s largest crypto exchange, Nobitex, surged by 700%, with over $10 million in crypto assets leaving the country in just four days.
Iran’s economy, heavily constrained by U.S. sanctions and high inflation, faces persistent currency instability. The rial has plummeted from 32,000 to over 1.5 million per dollar since 2015, driving demand for stable assets. Despite Islamic教义’s restrictions on speculative financial activities, both the public and state entities use crypto for preservation and evasion. The government exhibits a dual stance: tolerating crypto for useful purposes like bypassing sanctions—state-linked groups have moved billions in crypto—while periodically restricting access to protect the rial.
Meanwhile, illegal crypto mining consumes significant electricity, worsening national power shortages. Over 95% of mining is unlicensed, often protected by privileged groups, including religious and military sites, straining resources and causing blackouts for ordinary citizens. Cryptocurrency remains a critical, if controversial, lifeline in Iran’s unstable economy.
marsbit03/03 14:41
