With real-world problems sparking a “death spiral” for the rial currency, Iran’s government is turning toward the cyberworld to help skirt U.S. sanctions that will further tighten the economic screws on Tehran.
The U.S. measures that took effect on August 7, four months after U.S. President Donald Trump pulled out of the Iran nuclear accord, are aimed at cutting off Tehran’s access to U.S. dollars and stifling trade in key Iranian industries, including cars, aircraft, and Persian carpets.
Sporadic street protests against Iran’s economic woes have put a human face on those and other challenges facing that country’s religious leadership.
So with currency and economic fears among the general populace becoming more palpable by the day, the Iranian government has tried to stifle the anger triggered by the White House’s decision to leave the 2015 nuclear agreement by fighting to stem the rial’s drop.
The creation of a cryptocurrency may be one way to ease the pain.