Iranian students emerged as the latest victim of the United States stringent sanctions against the Islamic Republic. The U.S. sanction against Iran has cut rest of the world off from oil, shipping, and gas market of the Islamic Republic. Because of the stringent U.S. sanctions some of the cryptocurrency exchanges such as Binance and Bittrex have also unofficially dropped the country from their list of supported countries.
Because of the United States sanctions, hundreds of the Iranian students in the UK have been denied to use the banking services. According to a law student, Parsa Sadat as the students are not able to use banking services so they are not able to clear their payment dues including tuition fees. Parsa said that they have been told to either go to Iran or deposit the fees in cash, or face expulsion from the courses.
According to an Associate Professor, Mai Sato in the near future flight fare and fees for the Iranian students can also be raised which will lead the students to carry more money with them. Mai said that
“Even if the funds for the flight and fees can be raised, requiring Parsa to transport large amounts of cash within and from a country classified by the Foreign Office as a high-risk country, exposes the university to justifiable criticism,”
The students also feel that it will not be wise to keep several thousand pounds in cash, it can be dangerous. To bypass this situation, now the Iranian students are forced to use cryptocurrencies. According to the Chief Editor of IranWire.com Maziar Bahari, many Iranian students have already started to use digital currencies such as Bitcoin. Cryptocurrencies are a useful payment tool to bypass the United States sanctions. As cryptocurrencies are decentralized so no central authority can control the functioning of cryptocurrencies.
Now the Iranian parents are buying cryptocurrencies from local exchanges and sending them to the wallets of their family members who are residing in any corner of the world. The receiver can again trade the cryptocurrency or can convert it into fiat currency via local exchange or over the counter.