At present, Iran is going through a rough phase as the economy is unsteady due to the rise in inflation. The dire consequences have led the country to shift its focus on the rising cryptocurrency market. The mismanagement of the economy is one of the main reason that Iran is giving more prominence to virtual currency.
With Iran facing an acute financial crisis, many people are now shifting their focus on bitcoin. For a while now, the country is toying with the idea to get rid of four zeroes from the currency as inflation is crippling the market. However, the idea of redenomination is not worthy enough as it has not proved to be fruitful. Many countries prior have redenominated their currencies in an attempt to save the plunging economy but have failed.
So far, the country of 80 million has seen a proportion of its people use bitcoin and non-fiat cryptocurrency out of necessity. Foreign students needing to bypass the banking system, which they can no longer access due to sanctions, as well as others wanting to stave off inflation have been using peer-to-peer digital currency. As of now, the cryptocurrency market in Iran is taking precedence over the traditional economy, as reported on Bitcoin News.
Meanwhile, inflation has not spared Latin America (LatAm), especially Argentina. Due to monetary trouble brewing in LatAm people are opting for virtual currency. While cryptos were shooting up in price during 2017, their adoption rates were flying higher in some of LatAm’s biggest economies. Cryptos offer people everywhere an option when it comes to how they make payments and store value. Today it represents one of the biggest potential markets for cryptos, as mentioned in Blockonomi. The teetering economy has in short driven many nations to adopt cryptocurrency. Overall, the growing financial trouble in the economy has, in turn, uplifted the cryptocurrency market.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]