Iran Makes History with Country's First Ever Bitcoin ATM Setup in Tehran

    Cryptocurrencies are taking over the world. Do you doubt that? You only need to see how many countries are starting to slowly yet steadily accept cryptocurrencies that you will see. Now, Iran joins the list of companies that received new crypto products this week with its brand new Bitcoin ATM.

    The first machine of this kind in the country was revealed during the 12th International Exhibition of Exchange, Bank and Insurance. The conference happened on the country’s capital Tehran today, April 25.

    Unfortunately, in a way less exciting part of this news, the ATM cannot really be used. The product is working 100% but it is awaiting regulation. Have you heard that one before? Plenty of times, obviously.

    Now, the creators of the product will showcase the Bitcoin ATM in order to raise awareness, but the launching is still awaiting pending regulation. A representative stated that some agreements need to happen before the technology can be widely used in the country and that the company is directly negotiating with the government at the moment for the creation of these laws.

    Ruptly, a Russian outlet that reported on this story, quoted an Iranian citizen called Elnaz Rahim, which affirmed that he was pretty happy back using the ATM machine. The whole exchange to withdraw BTC for the local fiat cash, Rial, took less than three full minutes and he was very satisfied with the process, as it may help citizens to circumvent sanctions.

    Bitcoin Rises In Popularity Amidst Sanctions

    If you are wondering which sanctions is Rahim talking about, the answer is obvious: the ones made by the president of the United States, Donald Trump, which put sanctions on Iran at the beginning of 2018, effectively cutting off the nation from the U. S.-controlled international monetary system.

    Because of these sanctions, several Iranians decided to start using cryptocurrencies. As they are decentralized, they are basically ideal for this kind of situation. Unfortunately, the sanctions led to unforeseen problems even with cryptos, as Iranians were banned from many crypto exchanges.

    With decentralized peer to peer (P2P) trading, though, people will be ready to circumvent the sanctions better and products like the Bitcoin ATM will certainly be important in order to help the Iranian citizens to live their lives in a freer way.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Gabriel Machado
    Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Ethereum (ETH) Price Analysis (February 26)

    • Price now falling towards the support level. • Sellers working hard to invalidate the bullish pattern. ETH/USD Medium-term Trend: Bullish • Resistance levels : $260, $270,...

    Chainlink To Launch Its First Oracles Outside Ethereum on Polkadot Blockchain

    Chainlink’s oracles have become a popular solution for Ethereum based DeFi’s as blockchain innovators seek to integrate their smart contracts with external data for...

    New Zealand Aims To Abolish Cryptocurrency Sales Tax While Income Tax Would Remain

    Quick Read: The New Zealand Inland Revenue Department is calling for a revision of current Goods and Services Tax laws that are unfavorable to...

    Is A Fed-Controlled Digital Dollar A ‘Win' For the Public; Will it Pave Way For Faster Payments?

    A digital dollar means Fed will be “free to impose negative nominal interest rates on all dollar-holders,” and privacy concerns - Lawrence H....

    Revolut Crypto Investing App Valuated at $5.5 Billion After New $500M Funding Round

    The UK-based digital bank Revolut is now valued at $5.5 billion, after raising $500 million in its latest series D funding round. Raising a...

    Bitcoin Becoming A “Currency of Choice” Will Push BTC Price Up 2,500% – Tim Draper

    Bitcoin correction may end up being more than that but we're in for an interesting ride Tim Draper still holding to his prediction...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.