Iranian Students in the UK are Using Cryptos to Bypass the Financial Service cutoff
It was previously reported that Iran was exempted from accessing SWIFT cross-border payment solution. This was following sanctioning of the country by the U.S.A government. In light of this, Iranian students abroad are facing some problem as a result of the U.S sanctions on Iran. Fortunately for them, cryptocurrency had gone mainstream and readily available. Based on a recent report Iranian student in the UK are now making use of cryptocurrency, bitcoin mainly, to bypass the banking system sanctions.
Iran Got Cut Off
The cut off of Iran from the global financial system has really left most of these students with no choice but to seek other plausible alternatives. According to a local news source in the U.K, the most prominent method used by Iranian students studying in the U.K is cryptocurrency. Many of these students now receive their money sent from home using cryptos.
According to a UK based news source, some of these students were reportedly unable to access banking services, mainly because of the sanction. Students from the University of Cambridge were specifically mentioned in the report.
Some UK university has also advised some of these students to fly back to their home country and bring FIAT money to take care of their studies. As good as this idea sounds, it still has some major drawbacks, especially since there are many legislations preventing against transporting a huge amount of money in and out of the most country. The purpose of this is to prevent money laundering.
Iran is Working on its Own Crypto
The government of Iran has also made some moves targeted at creating a nationally backed cryptocurrency. While waiting for the completion of the nationally backed crypto, the government of the country is making use of cryptocurrency to conduct international business.
Iran has also employed the service of Russian Blockchain developers to help it with the building of its cryptocurrency.
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