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 problem is we operate in Iran and most payment systems either are not willing to serve us at all or impose a huge risk on 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.
“In response to Iran’s continued illicit nuclear activities, the United States and other countries have imposed unprecedented sanctions to censure Iran and prevent its further progress in prohibited nuclear activities, as well as to persuade Tehran to address the international community’s concerns about its nuclear program.”
This embargo saw Iran’s economy take a nose dive.
Originally appeared at: http://bravenewcoin.com/news/irans-first-bitcoin-exchange-launching/