Sanctions make a pretty good case for cryptocurrencies
Lets skip ahead a few months and assume sanction hit Iran.
What many people don't understand is that the US essentially controls the financial system. They police it and anyone who uses it needs to play by US rules. So even if Europe, China and Russia ignore the US sanctions, they will hit hard.
So what do you do if you need to get money in or out of Iran?
Crypto is the obvious solution because it can't be sanctioned or stopped. Finance Magnates cites Iran's Financial Tribune, who quotes Mohammad Reza Pourebrahimi, Chairman of the Economic Commission of the Parliament of Iran: "Despite the fact that a minority of the people of our country are customers of virtual currencies and their new markets, more than $2.5 billion have fled the country following their purchase while a majority of people active in this area are in it for speculative activities and macro profits."
In February, an government official said the country was investigating development of its own digital currency and the Minister of Information and Communications Technology said they were studying creating a "cloud-based digital currency" before later backtracking.
Bitcoin is up $113 to $9274 today.
