Tehran, Iran – Iranian officials are cracking down on the use of cryptocurrencies in the country again, with crypto exchanges becoming the latest target of official efforts to control the burgeoning industry.
The current hawkish stance comes in the wake of bitcoin’s meteoric price rise since mid-December, feeding a growing appetite in Iran for crypto assets after the country’s stock bubble burst last summer.
Enthusiasts see bitcoin as a hedge against devaluations of Iran’s currency, the rial, and as a way to circumnavigate United States sanctions that have crippled Iran’s economy because bitcoin is not controlled by any government.