Cryptocurrencies are highly popular when it comes to international methods of currency exchange due to how you can instantly buy, sell, and trade crypto at an instantaneous rate. When you buy or sell something through a banking institution, it typically takes three to four days before the funds are available to you or the seller involved.
This can cause a lengthy delay in the exchange process which is even longer if the other party is overseas. Iranians are working on developing a way to incorporate cryptocurrencies into their central banking system so that they will have access to the prompt and profitable aspects of cryptocurrency exchanges.
Many countries such as Iran are impacted by international sanctions that are put in place by federal bodies. These sanctions can prevent them from having ultimate access to various forms of currencies, stopping them from being able to participate in the cryptocurrency phenomenon.
Fortunately, a 2015 lift on an international sanction that impacted their country allowed cryptocurrency to be more readily available to Iranians without harsh regulations. The main issue that Iran is fighting against now, is how the Iranian Central Bank is heavily advising that no institutions participate in the buying or selling of cryptocurrencies. With such advisories in place, many financial facilities are weary about getting involved with these forms of financial exchanges.
Leaders such as the Minister of the Information and Communications Technology (ICT) are showing their support on the matter of cryptocurrencies in order to find avenues where it works for their country. The Minister even announced that there will be an experimental cryptocurrency put into place soon so that citizens and officials can give the idea somewhat of a test run.
Iranians are not letting any past sanctions or current regulations get them down on their luck. Residents of Iran have spoken about how they are hopeful when it comes to how many experts have truly supported the movement to make cryptocurrencies legal and accessible in their country. They are rational in digesting the fact that it is a big change for their country, and that big changes are often processes that can take quite a bit of time.