Iran’s First Bitcoin Exchange Launching

According to internetworldstats 57 percent of Iran’s population are using the internet. Despite these figures and an increasing interest in bitcoin as a means to transfer money overseas and online purchases, limited avenues are on offer in Iran.

CoinAva, an online bitcoin market, has been in operating in Iran since 2013, Localbitcoins also has a foot in the market, offering peer to peer sales. Persian Leather shoes has been accepting Bitcoin, a company with 70 years experience trading in the market. “Before launching this website, our international sale has been limited to a few dedicated customers who knew about the quality of our products and were prepared to go through a lot of trouble to pay us! This of course, may sound incomprehensible for people who have all sorts of electronic payments at their disposal. However, before finding out about Bitcoin, receiving our money was the number one obstacle in expanding our business.”


the United States imposed sanctions against Iran, following the Iranian Revolution of 1979. They were further expanded in 1995 to include firms dealing with the Iranian government. The UN Security Council passed Resolution 1696 in 2006, and imposed sanctions after Iran refused to suspend its uranium enrichment program.

U.S. Department of State

This embargo saw Iran’s economy take a nose dive.

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