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Projections indicate that the majority of crypto traders in Iran prefer local exchanges as opposed to the worldwide view where people often prefer globally acclaimed cryptocurrency exchanges. It is estimated that about 12 million Iranians own one digital coin or another.
Crypto Traders in Iran Typically Prefer Local Exchanges
Considering the absence of clear regulations for most of the crypto space and the country's standpoint on the matter, an increasing number of Iranians have invested in decentralized digital money in recent months and years.
Hamed Mirzaei, CEO of Bitestan, one of the country's crypto exchanges, believes that "an estimated seven to 12 million Iranians own cryptocurrencies.”
Peyvast magazine recently quoted Mirzaei as saying. The executive also stated, according to a report by the English-language business portal Financial Tribune:
About 88% of the Deals are Executed Via Local Platforms
This sum, according to Mirzaei, is greater than the total of all capital trading activity in the Islamic Republic. "Around seven to twelve million Iranians own cryptocurrencies," the blockchain entrepreneur told Iranian media.
Mirzaei's remarks come after Iranian officials expressed concerns earlier this year about crypto assets luring capital from traditional markets. In early May, digital coin trading platforms were accused of taking the upper hand of the stock market's volatile state, which had seen a big decline in deals since last summer. The Central Bank of Iran (CBI) advised Iranians to resist cryptocurrency at the time, alerting them that such investment opportunities would be at their own risk.
Prohibitions on crypto trading would disenfranchise Iran of advantages, Iranian fintech companies cautioned this year, voicing their dissent towards government efforts to impede crypto exchange activities. The CBI authorized domestic banks and money exchangers to pay for imports with locally mined cryptocurrencies in April, but officials went after other coin trade. The startup companies insisted that cryptocurrency trading is not criminal and urged legislators and regulators to pass legislation that would allow the sanctioned country to benefit greatly from decentralized money transfers.