It's official! Iran, the first country in the world has legalized bitcoin as legal tender. They're going to start using it to import and exports products, in and out the country. This is a big news!
In the bitcoin space, this is the biggest news of the week, bigger than the US election, i think. Let's see what is going on in Iran.
As asiantimes have wrote in their article, this is a huge news, i mean bitcoin has been vying for acceptance right? It's looking for the world to legitimize it and by Iran legitimize it by using it in the central bank to get around sanctions. This is a stamp, no one can now discredit bitcoin as legal tender. This is the real deal! Every single person needs to know that and also have their eye on it because this could change our monetary system forever.
Again, this is huge news, they're the first country to use bitcoin and at least say it out loud that they're using bitcoin as a level of exchange. So we have to see where this goes. Will more countries follow suit? Obviously, we have to wait and see but knowing that a lot of countries are coming out with their own digital currencies, this is going to be an interesting dynamic and one that i'm very interested in seeing how it plays out.
This is a big reason why they're gotten pushed to bitcoin because the value/inflation is rising. The value of their currency is decreasing at a fast rate. So they need to do something if they're goibg to save their economy.
They've been forced into this hand, by getting sanctions placed on them by the US. They've haven't been able to generate income for their economy and it's keeps them on a hold. Now that they mentioned that inflation is up 34% since 2018, the question is what took them so long? How come they didn't try this earlier? Why are they just now taking these actions? What's the difference today versus a year ago? But that information will come out but still it's a big news for it to be happening when we're in a brink of having a whole bunch of national currencies coming out.
If you are a crypto investor then you probably thinking about putting more money in or more currency or more dollars into cryptos. Because this has to have a positive impact on the bitcoin price. When you talk about where the heels of an election, when you talk about where the heels of more stimulus or the heels of a lot of different things going on ib the economy. You gotta imagine that this type of news is gonna only impact bitcoin and it's price in a good way.
This is a huge news even myself who currently hold no bitcoin thought about buying some bitcoin after i've known this because i could see how this could just be another domino that leads to a big game for the bitcoin community. In the same time, i understand that they were pushed in this direction. Like the reason why they're going this route, i mean that they mentioned was a big reason why the US sanctions. They weren't able to use dollars. I'm sure that every country that's getting sanctioned right now from the US is also thinking about going this round.
In the past few weeks, months, countries are announcing the use of central bank digital currencies but they didn't specify bitcoin. They didn't say anything so we don't knoe waht they're using. The intersting things is, this will have a global implications, not only for people who invested on bitcoin but people who are being oppressed, people who are being sanctioned on across the world.
Source: https://www.google.com/amp/s/asiatimes.com/2020/10/iran-to-use-bitcoin-to-fund-imports/
I think somw countries are in the process of making their own cbdc.