Iran crypto suggestion

[Mike1515 2977]

 

The CEO of Kish Free Zone Organization in Iran has stated that Iran is facing hyper inflation and thus becoming very difficult to conduct international trade and most especially the importation of cars in Iran. so Ghplam Hossen Mozaffari has  suggested that Iran should use or introduce a crypto currency created in Iran to fund Importers. The situation in Iran has made it difficult to fund the importers by the central bank.

So what do you think , can crypto currency be used to cub the inflation of a country or help in reducing the cost of a Nation suffering from inflation , in importation?

Let me hear what you have say.

[rekter 8129]

3 minutes ago, Mike1515 said:

 

The CEO of Kish Free Zone Organization in Iran has stated that Iran is facing hyper inflation and thus becoming very difficult to conduct international trade and most especially the importation of cars in Iran. so Ghplam Hossen Mozaffari has  suggested that Iran should use or introduce a crypto currency created in Iran to fund Importers. The situation in Iran has made it difficult to fund the importers by the central bank.

So what do you think , can crypto currency be used to cub the inflation of a country or help in reducing the cost of a Nation suffering from inflation , in importation?

Let me hear what you have say.

Even if a country implements their own cryptocurrency, that doesn't save it from inflation, because it's most likely going to be centralised and they can just "print" more coins as they wish. Inflation is a tool and governments need it as a buffer. But it all depends how they implement that crypto so it would be stable enough for anyone to want it.

 

Whole country going to Bitcoin on the other hand, wouldn't be very safe alternative.

[Mike1515 2977]

Yeah I agree @rekter, but the suggestion is that their currency has been hit hard so is their economy and its good they introduce that one thing that can help them. I think they are looking for a short term solution for their importers , but this is a suggestion from a single importer.

[percare 3192]

I think that instead of creating a crypto currency they should adopt Bitcoin and use this for paying foreign trades. Venezuela also has the petro and it doesn't look to help them a lot as noone is accepting it outside of their country.

[Irungu 4299]

I think as a CEO he was trying to look for a quick fix and it never came and in the light of the moment , we all know that Iran has been affected by so many suctions @percare @Mike1515 and @rekter. Irans problems are not Natural they are made and initiated by so many different situations, the ban from the international community has made Iran Isolated and so this caused it a lot of problems, but we can fix it if we dare intend to , the quick fix that the CEO suggest can only be from just now , just now and it wont last that long

[Naylor89 1223]

Iran government is aware of what is causing hyperinflation in his country. If he slows down the printing of money, then the inflation rate will come down. But he is not willing to do that, because he needs to pay the military and some mobilized people who remain loyal to him. So I think Bitcoin makes no difference for them. all governments do that when they have no legitimacy.

[Moaz 7239]

Perhaps the creation of a private cryptocurrency in Iran will help solve some of the economic problems that this country suffers from due to sanctions such as inflation and import, but in a limited way in my opinion, because this currency will not be trade in the world, and therefore the Iran government must rely On well-known cryptocurrencies instead of creating a new currency. @Mike1515

[malik6314193 5449]

1 hour ago, Mike1515 said:

 

The CEO of Kish Free Zone Organization in Iran has stated that Iran is facing hyper inflation and thus becoming very difficult to conduct international trade and most especially the importation of cars in Iran. so Ghplam Hossen Mozaffari has  suggested that Iran should use or introduce a crypto currency created in Iran to fund Importers. The situation in Iran has made it difficult to fund the importers by the central bank.

So what do you think , can crypto currency be used to cub the inflation of a country or help in reducing the cost of a Nation suffering from inflation , in importation?

Let me hear what you have say.

Iran is in global restrictions and that's why they are facing inflation which is increasing day by day. Use of crypto may be solution of this but i think it will not stable their economy. 

[Raqeebzy 6456]

4 hours ago, Mike1515 said:

what do you think , can crypto currency be used to cub the inflation of a country or help in reducing the cost of a Nation suffering from inflation , in importation?

Let me hear what you have say.

There isn't better alternative to trade with the outside world or in better words, perform cross boarder trading swiftly and smoothly other than cryptocurrency. It might just need to be looked into.

The next step to take is either creating a whole cryptocurrency allowed as a payment option as traditional fiats or a decentralised cryptocurrency (which I think it will be rare alternative).

[Maaz sultan 265]

5 hours ago, rekter said:

Even if a country implements their own cryptocurrency, that doesn't save it from inflation, because it's most likely going to be centralised and they can just "print" more coins as they wish. Inflation is a tool and governments need it as a buffer. But it all depends how they implement that crypto so it would be stable enough for anyone to want it.

I agree your opinion you think so far . This situation happens when a country's price of goods goes higher level and when this problem happens the government try to print more currency to overcome their needs and therefore the price of their currency will go lower and lower .

[Ridam 7455]

Well the inflanation is affect of unlimited supply that fiat currency poses. And the price doubling ratio is also getting higher in respect to Iran so they must take care of that too. And after switching to Crypto currency if they again starts importing huge high end product it would go worse. 

So instead of switching to Crypto, Personally I think they should be focused on different policy like monitory policy, and supply side policies with proper supervison.

[cryptovlek 2597]

Bitcoin can help Iran and the Iranian government has allowed mining with cheap electricity Iran has and miners operate with almost zero electricity cost in Iran. They are legal although there is some arrangement made with the authorities about the sales of Bitcoin they produce oustide the country.

Iran is producing today 4% of the total hash power for Bitcoin and this will be rising a lot in the next years and compete with China that now has the most.

After reading this post that Iran is close to hyperinflation levels I can think that using Bitcoin along with the national currency can help this country.

[kryptonick 2659]

I'm not an economist and this is hard to know if cryptocurrencies can help relax the inflation in Iran. They may help but what are their plans, they will remove completely the national currency and use Bitcoin and Litecoin? This is very dangerous too and we don't know the results.

[Sykkuno 2887]

I don't like to talk about politics but about the Iranian economy they have problems because of sacntions. Hyperinflation happened in Venezuela and it is similar. Bitcoin can help a lot Iranians but there is a strict policy about Iranian mining in the country. We have to see what will happen but I think they can use Bitcoin in the economy.

[Nezar 7169]

It is very likely that this currency will help solve some matters inside the country, but it will be difficult to solve the inflation problem, and for me, I believe that Iran should rely on Bitcoin instead of creating its own currency that is stable

[Swapzone 174]

Using a self created cryptocurrency wouldn't be that effective as it will work like a centralized system. 

[Calvinpriva 17296]

On 9/14/2020 at 3:35 PM, Moaz said:

but in a limited way in my opinion, because this currency will not be trade in the world, and therefore the Iran government must rely On well-known cryptocurrencies instead of creating a new currency

Good, it will work better for them if they will rely on popular currencies. Creating their own coin will not solve inflation in their country because that coin will have many sanctions since will be controlled by government. 

[Mella 3680]

The importers of Iran will not get the payment as the Iran curency will drop a lot and no one outside Iran will accept it, the rate of the Iran rial is problem and they have black markets in the country, it was not as the govenment said but very lower as  they have print a lot in secret and made the value very low. Very bad for Iran that can easy follow Lebanon in the destruction of the economy.

 

The Bitcoin is what can only help them and if they decide to use it we are all rich. They will need to buy one million with the price that it is today and use it together with rial and remove half of the rial and destroy them.

Edited September 19, 2020 by Mella

[Omar Ommeish 4872]

This is good news for everyone in Iran because I am thinking that the inflation rate could decrease if cryptocurrencies were used to pay import money from foreign countries and this would improve the economy.

[BitcryptoHan 2557]

All I have noticed is that many countries in Asia do not like crypto and they ban it, they did not look at the positive site that cryptocurrencies can help a nation but they are filled with the wrong thinking. Think cryptocurrencies can not help a nation but they are wrong. I hope Iran will legalize it but under probability. 

[Izeal 4404]

On 9/14/2020 at 4:42 PM, Mike1515 said:

So what do you think , can crypto currency be used to cub the inflation of a country or help in reducing the cost of a Nation suffering from inflation , in importation?

Yeah, it can but there should be proper laws and regulations for the transaction of the cryptocurrency because there are even some negative sides of the cryptocurrency like money ;laundering, imposing tax and trading illegal items which won't help your country but it will again increase the inflation. So, it should be properly maintained.

[SuperCrypto 7193]

On 9/14/2020 at 1:57 PM, Mike1515 said:

 

The CEO of Kish Free Zone Organization in Iran has stated that Iran is facing hyper inflation and thus becoming very difficult to conduct international trade and most especially the importation of cars in Iran. so Ghplam Hossen Mozaffari has  suggested that Iran should use or introduce a crypto currency created in Iran to fund Importers. The situation in Iran has made it difficult to fund the importers by the central bank.

So what do you think , can crypto currency be used to cub the inflation of a country or help in reducing the cost of a Nation suffering from inflation , in importation?

Let me hear what you have say.

There are hopes from developers that the use of cryptocurrencies can be a means of stabilizing global economies and combating inflation. If done correctly, this could have an impact on financing and help in the more widespread adoption of crypto technology by countries.

[Mwangi 5611]

I think that can be a good sign , which ever adoption and which ever is in control , the right idea is to really create everything in a perfect show. its important to which  the coins are adopted and we need to have more of this its not a reverse gear but a perfect go ahead and in the end we are all suppose to really keep on moving and doing the right effort that works well for us .

[Irungu 4299]

Iranians are brilliant and am sure When I say this I mean it as in a intellectual side of them but the truth is when you are looking for something far much important there is always time to look for what works and what does not work. and if this coin can be used in international trade , then why not that would be a good idea, lets try and take in Iran's idea all over and not make a  mistake

[Mike1515 2977]

@Frank castle Thats exactly the truth , go back to Venezuela and Zimbabwe, some of the most heavily affected countries by international sactions, they wanted so bad to be free from the same but they cannot, the code is connected internationally and there is no way that can even happen.