“Official” exchange rate alters the price of Bitcoin in Iran as US Tension Escalates
LocalBitcoins, an Iran-based peer to peer trading platform, at present are asking for almost 1B rials or more than $24,000 for every BCH or Bitcoin. This is according to Iran’s central bank official exchange rate. However, are Iranians really paying this value for cryptocurrency?
The obvious astounding payment in Iran corresponding to the existing international market value may just come on the surface. In truth, it’s not rare for regions that have weak currencies – like Venezuela – to have twofold exchange rates. One is the real amount of dollars or, two, the real market rate a person would acquire for their rials and the official rate imposed by the central bank.
According to Ali Beikverdoi, a cryptocurrency expert, it is just promising for some companies and government alike that have extraordinary processes to acquire that market rate. Therefore, if you are planning to purchase USD now in Iran, the value will be 140,000 IRR.
So, meaning, if the real value is 42,000 rials for every one dollar, which would lead to the amount of $24,000 for every BCH. The actual value in the street would give one somewhat closer to the real international market rate, which is currently about $7,300.
The Tension Between the United States and Iran Triggers Out, BCH Values/Rates
According to Cointelegraph, the attack of the US at the airport of Baghdad that result to the killing of Gen. Qasem Soleimani, Iranian Revolutionary Guard’s Elite Quds Force, led to the boost of oil price in the global market and BCH bouncing back from weekly lows of about $6,850.
In the meantime, seeing at the rate of Bitcoin on LocalBitcoin, Messary Ryan Selkis, founder of the said trading platform wrongly noted that today there is a significant premium as an outcome. It is doubtful those procurements are disbursing for the military response of the country. Instead, it may be worried or innocent residents searching for an avenue to flee from future confusion and turmoil.
Iran Limits access to BCH Online Trading
Trading volumes submerged to its lowest this month, according to LocalBitcoin. This is maybe due to the government of Iran that limits the residents in using the internet since November in nationwide protest because of the continuing rising of the fuel prices.
Meanwhile, Iran promised to seek vengeance on the Baghdad attack, following the murder of the general. There’s a report last month that the country was proposing a Muslim digital currency as one of the many ways to brazen out US economic dominance.
According to Hassan Rouhan, President of Iran, the world of Muslims must be planning measures to save them from command and control of the USD as well as the fiscal regime of the said country.
On the other hand, in general, Iran holds a hostile and critical position in the world of cryptocurrencies, most notably BCH, as authorities have already offered a reward to people who revealed illegal mining activities in the region.