Bitcoin may gain importance in Iran. The Islamic Consultative Assembly has just voted a bill proposed by the Central Bank of Iran (CBI) in July 2019. It’s about the denomination of the country’s currency. Tehran Times wrote about the case.
Iran is the rial
The Iranian authorities are removing four zeros from the national currency. In this way, a toman appears on the market – a new payment unit. Media about a new idea that is supposed to heal the economy, said the head of the CBI, Abdolnaser Hemmati. It turns out that the currency will be supplemented by one-hundredth tomana – ghiran.
“The decision was made to maintain the efficiency of the national currency and to facilitate and restore the role of cash in domestic monetary transactions”
– adds the Tehran daily.
Reportedly, central bank officials also want to reduce the cost of issuing banknotes and coins. In addition, solve ordinary citizens’ problems, such as counting and carrying large amounts of banknotes. In addition, there are plans to eliminate coins.
“The change also aims to match the official name of the currency with that used in everyday life. Iranians have long used the historical name of the currency “toman”, which is an unofficial unit equal to 10 rials, e.g. a banknote worth 10,000 rials are counted by Iranians as 1 thous. Tomanowa “
Will denomination help the economy?
The idea of denomination is not new. He first appeared in Iran in 2008. Only that it “lay” for over 10 years. He returned to him in 2019, when US President Donald Trump withdrew from the nuclear deal and imposed heavy economic sanctions on Iran again. As a result, the rial lost over 60 percent. its value.
According to Reuters, about 156 thousand were paid on Monday. rial for one dollar on the black market.
It is worth considering how it will affect the economy and kryptowaluty. First, it shows the citizens of the country that the fiat currency is not something stable. Anyway, they became convinced of the above much earlier. Some of them have been buying for several years Bitcoiny and trying to raise dollars to somehow save the savings from inflation.
Get notifications about important new market events.