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.