Iranian Bitcoin Adoption Surges Amid Political Protests and Censorship

Reports are indicating that Iranian bitcoin adoption is continuing to grow despite the current political turmoil gripping the nation.

Also Read: Bitcoin Use in Iran Welcomed by Nation’s High Council of Cyberspace

Bitcoin Adoption Grows Despite Government Censorship of Online Networks

Iranian Bitcoin Adoption Surges Amid Political Protests and CensorshipIran has witnessed widespread protests for the last week, with the media reporting that more than 20 individuals have been killed so far during the demonstrations. The protests have been attributed to popular dissatisfaction with high unemployment, inequality, housing costs, and other economic strains.

The rebellion has seen the deployment of Iran’s Revolutionary Guard in three provinces, and censorship of numerous online networks – including Telegram and Signal. Despite the restricted access and rolling internet blackouts, Iran’s cryptocurrency community appears to be gaining strength during the turmoil.

Iranians Turn to Cryptocurrency as Safeguard Against Economic Uncertainty

Iranian Bitcoin Adoption Surges Amid Political Protests and CensorshipTehran-based blockchain researcher, Ziya Sadr, recently discussed both the protests and cryptocurrency in Iran with media, stating “I hold all my money, all my capital, in bitcoin mostly and some other altcoins… The reason that I hold only crypto is because of the economic situation in Iran.” Mr. Sadr stated that he has “seen people around me doing so gradually,” and expects that “more and more people will do so.” Mr. Sadr also stated that Monero is one his favored altcoins, owing to its enhanced privacy capabilities. Mr. Sadr added that privacy-centric cryptocurrencies have yet to garner widespread popularity in Iran Read More Here