Survey Suggests Iran Is Big on Crypto Earnings

Survey Suggests Iran Is Big on Crypto Earnings

 

A new survey conducted by analytics firm Gate Trade suggests that Telegram users in Iran are earning an average of $500 to $3,000 in cryptocurrency funds. Iran Is Boosting Its Crypto Usage

Iran has been heavily into cryptocurrency following new economic sanctions from the United States and President Donald Trump pulling his country out of the 2015 nuclear deal . Iran has sought ways to alleviate some of the issues stemming from these sanctions including potentially introducing a national cryptocurrency that would lessen inflation.

Of those who were monitored in the survey, ultimately 35 percent were miners and garnered profits by extracting new coins and tokens. The rest earned money through trading, either with individuals like themselves or through exchanges. The survey also suggests that about 70 percent of the country’s population is interested in cryptocurrency and learning more about the mining process.

Jimmy Song , a bitcoin developer and educator, explained in an interview that this kind of behavior is growing more common among third world or developing nations. The economic strife being faced by these states is becoming too heavy to be handled by standard institutional developments or institutions, and the power of crypto is looking stronger in the eyes of everyday citizens.

He states: In China, there are WeChat groups [for traders] because they don’t have as much direct access to exchanges. I’m also hearing about a price premium in Argentina, for example, because the economy is facing some issues… What we want for all these places, whether […]