An anonymous Bitcoin supporter from Iran recently revealed that every cryptocurrency exchange in the country has been “filtered since May.” The crypto advocate was referring to the recent decision by the Iranian government to censor information related to the cryptocurrency market, which has come just before the expected renewal of internationally imposed sanctions on Iran next month.
A number of Iranian residents have reported experiencing difficulty while trying to access cryptocurrency exchanges such as Binance, peer-to-peer exchange LocalBitcoins, and Blockchain. This, despite the residents reportedly using a VPN service or other ways of bypassing the Iranian government’s censorship of the internet.
An experienced cryptocurrency user in Iran revealed that a lot of people in the rogue state are buying Bitcoin (BTC) in order to use it “as a hedge instrument.” The country’s bitcoin users claim that it’s easier to obtain the cryptocurrency compared to trying to buy US dollars through “the black market.” Due to rising inflation, with the current inflation rate reaching 127 percent, along with political instability, many Iranians are reportedly not too concerned with bitcoin’s volatility.