Iranian citizens are in a FUD because of the devalued Rial - the currency of Iran. In the past ten years, the Iranian Rial had crashed from 9,200 to $1 to 41,600 to $1, a value decrease of 450 percent. The Iranians faced a financial crush down in 2012 after the nation’s contested nuclear program, also, the U.S. obliged the world’s banks from contributing in Iran’s oil economy and the European Union insisted on an oil ban. Global endorsements have damaged the Iran economy by decrescenting oil trades significantly before rehabilitation of 2016.
We have to pay a price if we do not act proactively. We should execute, according to Islamic rules, a few foreign exchange traders who try to plunge the country into chaos, in order to teach a lesson to others.
Ayatollah Nasser Makarem Shirazi, religious leader, Iran
Iran's Central Bank underlined that because of high ambivalences of the progressive monetary standards combined with aggressive business activities which in advance through network marketing and fraudulent business schemes have turned the market of these monetary forms solely devious and questionable.
It appears that the Iranian people are losing trust in the rial as it continues to depreciate in value. In response, the government of Iran is trying to prevent them from getting their hands on foreign currency, providing another example of the need for bitcoin. We should expect to see a growth in local bitcoin.
Avi Mizrahi, crypto-journalist, Iran
The government of Iran does not acknowledge any other stakes; anyone trading at illicit rates will be recognized as a smuggler. Any individual who owns more than 10,000 euros or any foreign currency equivalent to the new exchange rate will be considered a criminal.