Under sanctions imposed by the U.S. and its allies, dollars are hard to come by in Iran. The value of the rial has eroded for the past few years as Iran’s economic isolation has deepened, the severity of the drop worsened.The cost to buy $1 dollar is 12,282.00.The rate fell to 27,000 for now.
Yet there’s one currency in Iran that has kept its value and can be used to purchase goods from abroad: bitcoins, the online-only currency. The advantage for Iranians is that bitcoins can be swapped for dollars that can then be kept outside the country. Another plus: Regulators can’t easily track the transactions, since bitcoins aren’t issued from a central server. Bitcoin users can conduct business on virtual private networks, which hide customers’ identities.
I – Word Understanding
Sanctions on Iran – it is a form of punishment imposed by US and its allies against Irans government to drop nuclear weapon development.
Eroded – gradually decreases
Economic Isolation – a situation in which a country is alone and without support because other countries stop dealing with it.
Bitcoins – a decentralized digital currency which controls by software algorithm.It is only exist online.
Swapped – exchange
II – Have your say
1.Bitcoin has been using by several countries, to name some;
Canada, Mexico, Argentina, Brazil, parts of the European Union, the United Kingdom, Russia and Malaysia. Bitcoin isn’t included in international money laundering law.
2.Bitcoin can help ordinary people by getting rid of high high transfer fees imposed by credit-card and wire companies . Simply exchange money directly with one another around the world at almost
3.The price of a bitcoin a year ago is $5 to a record high of $266 in April, before falling back to around $122 today. If a buyer purchase low, there isn’t so much risk and can gain tremendoulsy high if it will be sold high.
