Tim Mak6h ago

Good morning to readers. #Oil prices have surpassed $108 per #barrel (+50% compared to pre-#war).

Sina helps Iranians to live amid sanctions and spiking #inflation by exchanging rials to #bitcoins.

Since the war began, his digital #business has to navigate nationwide internet blackouts. https://www.iranwar.news/p/crypto-a-lifeline-in-iran-goes-dark

Crypto, a lifeline in Iran, goes dark.

In a country crushed by inflation and sanctions, cryptocurrency has become a way to protect savings from a collapsing rial. But without the internet, online crypto exchanges are cut off.

Iran War Dispatches with Tim Mak
Show threadTim Mak6h ago

Since the start of the #war in #Iran, Sina thinks the revenue at his online cryptocurrency exchange company has been chopped in half.

But he can’t prove it. His accountant doesn’t have #internet.

Show threadTim Mak6h ago
In Iran, which has been in a near-total internet #blackout since the #war started on February 28, that kind of problem is becoming common. Businesses that run online are flailing. Sina’s crypto business is one of them.
Show threadTim Mak6h ago
In Iran’s sanctioned economy, where inflation often soars above 40 percent, #cryptocurrency, a digital currency that operates without a central bank and allows international money transfers, has become a financial lifeline.
#Iran
Show threadTim Mak6h ago
Just recently the #Iranian #government started to charge tolls on ships passing through the Strait of Hormuz and is only accepting #Chinese yuan or crypto.
Show threadOfficial Kakistocracy Jester 🪓
@timkmak HAHAHA crypto… what a silly time to be alive
3:14pmWeb