Iran's first Bitcoin exchange BTXCapital established

According to internetworldstats, 57% of Iran’s population uses the internet. Despite the region’s large number of internet users and growing interest in using bitcoin to transfer money overseas or make online purchases, the region has limited options for making this possible.

Online Bitcoin marketplace CoinAva has been operating in Iran since 2013, and Localbitcoins has also entered the Iranian market, offering P2P sales. One company that accepts Bitcoin payments is Persian Leather Shoes, which has been selling on the market for 70 years.

“Before launching the website, our international sales were limited to a few dedicated customers who liked our products and trusted their quality, so they were willing to buy even if the payment process was a hassle! Of course, this was a bit confusing for people who have all kinds of electronic payment methods. However, before Bitcoin payments, payment issues became the number one obstacle to expanding our business.”

“Because we are in a very special region, most payment systems are either unwilling to serve us or may bring huge risks to our business.”

The United States imposed sanctions on Iran after the Iranian Revolution in 1979, and further expanded the sanctions in 1995. As Iran refused to suspend its uranium enrichment program, the UN Security Council passed Resolution 1696 in 2006, imposing sanctions on Iran.

U.S. Department of State:

"In light of Iran's illegal nuclear test program, the United States and other countries have decided to impose higher sanctions on Iran to condemn Iran's actions that endanger world security and prevent Iran from further illegal nuclear test programs."

The sanctions dealt a heavy blow to Iran's economy, and a black market economy was created. In 2011, Iran was hit by a new round of sanctions, which led to the devaluation of the Iranian Rial (IRR). The following year, the Iranian government implemented a three-tier exchange rate to stabilize the import cost of commodities while increasing the prices of luxury goods.

Under such circumstances, the black market speculation of selling legal currency has further emerged. According to the UANI organization report, in December 2011, one US dollar could be sold for 13,350 Iranian rials (IRR) on the black market. In January 2013, in just one month, it rose to 1 US dollar and 40,000 Iranian rials.

UANI (United Against Nuclear Iran) is a non-partisan, non-profit organization whose purpose is to "prevent Iran from achieving its ambitions of possessing nuclear weapons." The organization also pressures companies to stop doing business with Iran, claiming that it is doing so to stop the Iranian government's nuclear program. UANI successfully launched a campaign in February 2012 to demand that SWIFT cut off all financial relations with Iran.

International sanctions have also caused foreign credit and debit card providers to stop providing services to Iran. Although there is a network of ATMs operating in Iran, only locally issued bank cards such as the Hajj card can be used.

According to the Iranian Internet Infrastructure and Policy Report,纳赛尔•哈吉米, director of the Central Bank of Iran, said, "Bitcoin is illegal in Iran under Article 2 of Iran's Currency and Banking Law." This is from the perspective of the definition of legal tender, but to date, there have been no reports of any illegal activities using digital currencies.

The report also pointed out that in March last year,赛义德•马达维安, deputy director of Iran's National Cyber ​​Center Supervision and Management Agency, stated that Iran would consider Bitcoin regulation.

Now that the first real-time Bitcoin exchange BTXCapital has been established in Iran, Iranians finally have a way to buy Bitcoin.

“It was very inconvenient for Iranians to buy Bitcoin before. Iran has about 50 million Internet users, so Iran is an untapped potential market for Bitcoin and other digital currencies.”

BTXCapital uses draglet’s white label Bitcoin exchange platform, which provides BTXCapital with instant deposit functionality, real-time buy and sell capabilities, and a fully customized Farsi user interface.

Draglet is headquartered in Munich and is a company that provides application services for digital currency trading platforms.

“By using draglet’s white label service, btxcapital.com will be able to quickly enter the market and provide people with reliable bitcoin trading services, so that the Iranian people can participate in the world of digital currency in a fast and secure environment.”

Ali阿里•胡赛尼, CEO of BTXCapital, said:

“The company’s goal is to provide users with instant and reliable services, as well as reasonable exchange rates by international standards. One of the characteristics of Bitcoin is that its value is determined by market supply and demand and is not affected by one or a few exchanges. On our platform, users can sell and buy Bitcoin according to their own valuations, and we provide a safe and stable environment for users’ trading process. We believe that BTXCapital will achieve transparency in the price of Bitcoin in the Iranian market.”