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Bitcoin News: LocalBitcoins Disowns Service to Iranian Users

Famous peer to peer cryptocurrency trading platform Localbitcoins.com isn’t able to provide its services to the Iranian traders. A short note on the Iranian website displays

“Unfortunately LocalBitcoins is currently not available in this region” further it flashes “Please look for other location or come back later.”

One of the representatives from LocalBitcoins stated that if there is an existing account on the platform the users are able to withdraw their bitcoins, but trading is not allowed. However, the reason behind this shut down is still not revealed.

U.S. Economic Sanctions

The Iranian users as of now banned from operating the platform and unable to access the services in the country. The prohibition is followed by the sizeable volume of the Iranian rial (the currency of Iran) on Localbitcoins. Purportedly, over the past few weeks, it is mounting steadily and the United States has also levied and took hostile actions against Iran and companies that conduct business within the country while imposing stricter economic sanctions.

Reportedly, the move isn’t a surprise, previously major cryptocurrency exchanges like Binance and Coinbase has also started to reject Iranian customers from operating their platforms and asked them to withdraw their cryptocurrencies at the earliest. The above mentioned cryptocurrency platforms possibly finding it hard to serve both U.S. and Iranian people at the same time due to the revival of the sanctions made by the Trump administration which independently broke the promises and deals with the Iranian government indicating the harm for the U.S. National security claiming that “The Iran deal is defective at its the United States withdraws from the Iran nuclear deal.”

Trump’s action to avoid the multilateral nuclear deal blocked Iran’s routes to nuclear weapons which were made in the 2015 Joint Comprehensive Plan of Action (JCPA).

Cryptocurrency: A route to Bypass U.S. Trade War

After the U.S. economic sanction cryptocurrencies have become the safe haven for the exchange of goods and services. Many students and traders transact in Iran with bitcoins in exchange of goods and services to circumvent U.S. sanction. Students would also like to purchase their basic utility items such as books and other significant stuff through cryptocurrencies. Iran has also become the cheaper place for miners from all across the globe including China due to low electricity rates which are approx.… $0.006 per kilowatt. Indeed, the ban by Localbitcoin.com would be a matter of concern and a huge disappointment for the Iranian traders in such a propelling situation where they don’t have any other options expect trading through peer to peer digital currencies after the rigid rules and regulations by the U.S and the ongoing trade war between the two nations.

New Cryptocurrency Service Alternatives In Iran

However, interestingly there are other convenient and viable options such as HodlHodl and Bisq are now available in Iran for supporting the crypto trade there and facilitating the nation in a very nice and convenient way. Both the platforms have started providing Farsi language support along with the discounted rate on exchange services. Trades can operate both the platforms with multilingual aid easily besides joining the Telegram group which is particularly meant for Iranian users to establish contact with each other. So, in other words, over 80 million Iranians can enjoy much better support in comparison as an alternative to those P2P cryptocurrency exchanges who debarred the populaces from providing their support and services due to Iranian nationality.

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