Iranian Hotels Turn to Cryptocurrency to Workaround U.S. Embargoes

Digital assets have aided in keeping Iranian afloat during despite the U.S. sanctions placed on the country. Hotels out of Iran have urged travelers to use cryptocurrency as a way to bypass the economic embargo. This lends credence to the true value of cryptocurrencies in industries outside of speculation.

The ability of these Iranian hotels show the utility of cryptocurrency decentralization, where fiat currency, being centralized have sanctions imposed on it. This also comes as an added boon to the tourism industry that is being limited economically.

The leading digital asset, Bitcoin (BTC), has proven to be a valuable asset to those without the a ability to obtain US dollars. Also, due to the trade bans and embargoes placed against the country, Bitcoin has found a foothold and is increasing in popularity.

However, back in April, Iran’s central bank (CBI) has begun to move forward with the prohibition of financial institution in the dealing of virtual coins.

Bitcoin’s decentralized and borderless nature became more apparently a benefit to Iran. The news that Iran requested 300 million euros to be withdrawn from German banks, had sent up red flags for the US. The withdrawal request came after America setup the sanctions as well as pulled out the 2015 nuclear deal. Addressing the subject, the US Ambassador to Germany, Richard Grenell, stated:

“We encourage the highest levels of the German government to intervene and stop the plan.”