An Iranian Bitcoin advocate was quoted saying, ”Every crypto exchange in Iran has been filtered since May”. In a survey, it was reported that many Iranians are facing problems while accessing cryptocurrency exchanges. They cannot even access the exchanges like Binance, Blockchain, and LocalBitcoins.
Iran, a country where the citizens are in a great need of an economic support, has seen its people being excluded from empowering services.
An Iranian crypto expert who has deep ties across Tehran’s startup scene said, “Many people are using it [Bitcoin] as a hedge instrument because buying BTC is easier than going into the black market to buy yourself US dollars.”
The main reason why the authorities have taken strict action against the crypto trading is because of the current economic crisis the nation is facing. The authorities in December 2017 prohibited any financial institution to take part in any cryptocurrency related transactions.
To restrict the VPN access to crypto exchanges, the Iranian authorities are examining the network traffic through “deep packeted inspection.” This was told by an anonymous source, who also said that the Iranians have lost access to LocalBitcoins earlier this week.
Iran, a nation that was on the verge of Blockchain boom has seen a backdrift in the plans. Blockchain startups had been working closely in February with the regulators to legalise cryptocurrency.
Majidyar is expecting a censorship of decentralised cryptos as most of the international banks have banned Iranians from transacting in cryptocurrencies.