Bitcoin To Expand In Iran

BTXCapital has partnered with exchange platform Draglet to go where no bitcoin exchange has gone before— Iran. Together, the companies will offer Iranians the ability to buy and sell bitcoins on an exchange, a first for the country. While regulation governing the Iranian bitcoin exchange remains murky, the two are optimistic about the possibilities of expanding into a largely untapped market. Demand High According to Draglet CEO Ganesh Jung, the demand for bitcoin in Iran has been growing steadily. Currently, it is difficult for an average Iranian resident to buy or sell bitcoins as available platforms make the process complicated and the amounts available to buy are relatively small. Because Iran's population is largely internet savvy, Jung says the introduction of bitcoin will be a natural next step. Ambiguous Laws BTXCaptial and Draglet are not the first bitcoin firms to make their way into Iran. LocalBitcoins has been operating in the nation for some time, but the company has been weighed down by legality issues. Iranian law requires that the country's official currency be in the form of paper money and metal coins, but there is some question as to whether or not bitcoin can still be sued for other purposes. As the laws do not explicitly prohibit bitcoin, some interpret that to mean it can be used for overseas transactions. Western Integration It remains to be seen whether or not the Iranian government will eventually step in and block the spread of bitcoin. However, many see the nation's willingness to negotiate a nuclear deal as a signal that Iranian policymakers are interested in reintegrating with the West, and expect the nation's government to be flexible with the bitcoin market.