On one side, we can see that the tension is mounting between the Trump administration and Iran’s government. And on the other side, Iran is working on a strategy to outwit US President, Donald Trump. While Iran is planning to get out of the economic sanctions and political pressure created by Trump, they are majorly relying on Bitcoin and other cryptocurrencies.

The Iranian government had an interest in cryptocurrency for the past 2 years. Iran was planning to get the support of cryptocurrency for the foreign trade to come out of the traditional banking system. Hassan Rouhani, President of Iran, in 2018 under his administration states that there was a declaration made that government was deliberate enough of launching a national cryptocurrency. 

Supporting that, a month later, it was also cited by one of the agencies in connection with the Central Bank of Iran that multiple features of cryptocurrency will be supported by the national currency, Rial. Reportedly, Iran had revealed many blockchain projects in last year’s Digital Payments Conference. Amongst these projects, one is currently being examined by 4 Iranian banks.

According to the data, the amount of pressure that Trump’s administration has put in the form of economic sanctions on Iran, the Iranian economy has diminished as much as 10 to 20%. However, Iran has the game plan ready to come out of it. They think that in order to outwit the Trump’s administration and sanctions, evading the sanctions on Bitcoin and other cryptocurrencies will be the best way.

In one of the interviews with an anonymous Iranian citizen, it was dubbed that Bitcoin trading is the only way to move money outside the country. And this has created a buzz in Iran and people are more interested in Bitcoin investment.

In other words, this could be a reason why people have started investing 3x times as compared to what it was previously before Trump signed on some of the economic sanctions that disturbed the rogue nation. 

In addition to it, Iran is also planning to launch a digital platform for the country’s national currency, Rial, to get out of the US’ economic sanctions. 

While this is still in planning, North Korea’s increasing interest in the cryptocurrency and the effects that Facebook’s Libra have faced until now have caused US’ President Trump and his administrators to look closely at cryptocurrencies and its trading.