Iranian students use crypto to overcome U.S. sanctions

December 19, 2018
Darya Karatkevich

Today, ensuring economic security means opening the door to higher education. However, this social passage is a distant dream for Iranian students, facing the harsh reality of not being able to even afford tuition with President’s Trump sanctions on Iran. The political turmoil between Iran and U.S. has caused hundreds of Iranian students to be denied banking services. In an effort to bypass U.S. sanctions, they use bitcoin to fund educational endeavors.

usa iran bitcoin

Unfortunately, this solution still has its own risks, since Iran has banned the use of cryptocurrency. However, even with cryptocurrency banned in Iran, Iranians have been still actively purchasing bitcoin despite the proposed challenges. In response to disregarding the Iran’s ban on cryptocurrency, a trader stated,

“I started purchasing Bitcoin, and even Ethereum, thinking Iranian central bank will not be able to resolve the poor economic situation.”

The trader also added,

“I had read many reports about Chinese and Venezuelan people doing the same at the time of their economic crisis.”

If the U.S. don’t uplift their sanctions and or Iran don’t accept bitcoin as a mean of currency then the future will remain unclear for many Iranian students.

Post written by Darya Karatkevich
Darya is a blockchain market observer with 5+ years of experience as an author and editor for major tech blogging platforms. Her fortes are blockchain technologies and solutions, cryptocurrencies and crypto-related regulations.

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