30 Nov '12, 10pm

Sorry, techno-utopians. "Why virtual currency Bitcoin can’t save the Iranian economy"

Sorry, techno-utopians. "Why virtual currency Bitcoin can’t save the Iranian economy"

Got Bitcoin? Probably not. AP Photo / Vahid Salemi After decades of sanctions on Iranian trade , sanctions restricting the flow of money in and out of Iran have inflicted significant damage on the Iranian economy. That owes much to the Belgium-based Society for Worldwide International Financial Transfers (SWIFT), which in March agreed to block any Iranian banks blacklisted by the European Union from using its international payment systems. Not long after the SWIFT cutoff, things started going rapidly downhill for the Iranian rial, suggesting that it has become much tougher for Iran to get hold of the hard currency it has used to prop up the rial. Now Bloomberg Businessweek has an interesting take on how a few Iranians are looking at using the anonymous electronic payment system Bitcoin to poke holes in the curtain of sanctions that separates the Iranian economy from most o...

Full article: http://qz.com/32889/why-virtual-currency-bitcoin-cant-sav...

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