Bizarre law in Iran emphasizes the importance of crypto

According to a member of the Iranian parliament, the Iranian government plans to bizarrely force women to wear a hijab. If women do not wear hijab, their bank account will be blocked after two SMS warnings. The financial control that authoritarian governments can enact emphasizes the importance of a decentralized financial stronghold.

Chaos in Iran

The measure taken by the Iranian government is in line with recent developments in the country. Since Mahsa Amini, an Iranian woman died on September 17 after an arrest, tensions in the country have run high. The reason for her arrest was for not wearing a hijab. After ongoing protests, the Iranian government is trying to control the people with this bizarre new law.

During similar monetary measures taken by governments in the past, people turned to crypto en masse. The use of crypto coins offers a way out of the financial obstacles of conventional instruments. For example, countries with monetary policies that harm the financial well-being of the population often see a massive increase in crypto use.

A similar situation occurred in Canada in February this year. During farmers’ protests, the government there also proceeded to freeze bank accounts. This resulted in an increase in the use of crypto. Protesters used cryptocurrencies, among other things, to raise money for protests.

Risk of CBDCs

This and the current development in Iran show how powerful crypto can be in supporting financial freedom when hindered by authorities. It also exposes a risk of Central Bank Digital Currencies (CBDCs). Several countries are developing a digital national currency based on blockchain technology. However, according to critics of CBDC, these forms of currency are an enlarged barrier to financial freedom.

Read Also:  Bitcoin ETFs are on the cusp of “even bigger” waves of capital

According to opponents of CBDCs, these digital assets from central banks full control about financial systems. It would even allow governments to remove money if they wished to do so.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here