Despite sanctions, Iranians continue to receive income from cryptocurrencies

Despite sanctions, Iranians continue to receive income from cryptocurrencies

According to a study by the analytic firm Gate Trade, of the 1,650 Iranian bitcoins surveyed in Telegram groups, 25% earn on cryptocurrencies from $ 500 to $ 3,000 per month.

More than a third of respondents – 35% – earn income through mining, and 58% earn on trade, both through exchange platforms and through networks of local exchangers that provide liquidity in Iranian rials. The survey also showed strong growth in the local mining industry: 70% of respondents expressed interest in obtaining additional information about mining in Iran.

The Iranian cryptocurrency market is shifting its focus from global exchange platforms to local exchanges and mining companies, because most international exchanges have closed
access to the Iranians. About 83% of respondents said the community needed more reliable access to exchanges.

A Gate Trade spokesman said many Iranians use a VPN and buy foreign identity cards on the black market to get around sanctions. Bitcoin developer Jimmy Song said he saw similar situations in other regions.

“There are WeChat groups in China [для трейдеров]because citizens do not have direct access to exchanges, ”he said.

The censorship that Iranians face has helped separate local demand from global factors such as the dollar, the gold market, or even local stock markets. 60% of respondents said that external factors practically do not affect their investment in bitcoin. Most of the respondents were long-term investors investing in BTC with the intention of owning cryptocurrency for more than a year.

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Approximately 29% of respondents own cryptocurrencies worth more than $ 5,000, mainly BTC.

“The demand for bitcoin will be felt in troubled economies more than in countries of the first world,” Song said. “This was to be expected because they feel the effects of inflation much more strongly.”

According to a recent study, Europeans have less faith in bitcoin. At the same time, a study by Nobl Insurance showed that 25 million Americans are planning investments in cryptocurrencies. In addition, according to a Paxful study, 80% of Colombians are willing to invest in cryptocurrencies.


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