Iranian Government to Censor Crypto Exchanges

Iranian Government to Censor Crypto Exchanges

Government censorship has taken an important role in Iranian society. An international non-profit organization that supports global freedom of the press, Reporters Without Borders, has rated the nation as one of the world’s biggest prison states for journalists.

Iranian government censors are now attempting to block access to a new area: cryptocurrency exchanges. This is done due to the coming renewal of US sanctions.

The reports in Iran mentions that accessing cryptocurrency trading platforms like Binance or LocalBitcoins, is already a major problem in Iran. In order to overcome this, traders have to use Virtual Private Networks (VPNs). There are some people in Iran who use Bitcoin as a hedging tool since it is much easier rather than buying USD illegally.

Iran government tries to the maximum possible level to prevent people from transferring foreign currencies like US Dollars or pound, outside the border of Iran. The government in Iran believes that there would be more financial restrictions if diplomats fail to reach an understanding with the US and the latter prolongs its sanctions.

Iran seems to have a difficult time in terms of the economic and political scenario in the nation. The inflation in the country is very high.

It is such a scenario that highlights the complexities of censorship resistance. A country whose people are most in need of an economic lifeline is now ostracized from empowering services.

“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,” said the Iranian source who is a cryptocurrency veteran with deep ties across Tehran’s startup scene.

Censorship is proved by the fact that LocalBitcoins is no longer accessible. The imported cryptocurrency mining equipment is also banned. Adding credibility to the assertions of the government is the fact that cryptocurrency service providers say they aren’t blocking local users.

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.