Bitcoin Magazine
Iran Continues Using Bitcoin To Keep Economy Stable: Report
Iran is continuing to use bitcoin as a way to skirt around sanctions as the country’s central bank turns a blind eye, according to reports.
The Financial Times on Wednesday reported that the Middle Eastern country was using cryptocurrencies, including bitcoin, to settle cross-border transactions through Iranian crypto exchanges after the central bank advised its countrymen to do anything necessary to help the economy.
Citing conversations with businesses, regime insiders and analysts, the newspaper said that the central bank had “quietly encouraged traders” to get money flowing to help its struggling economy.
Bitcoin is proving to be a tried and tested way of doing so.
One business insider reportedly told the newspaper that the central bank doesn’t ask any questions about how money is transferred.
Iran has been sanctioned for decades, and a sharp escalation beginning in late 20
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