As we reported in our previous crypto news, the United States has placed a ban on Iran as an economic sanction and the most recent victims turn out to be Iranian Students in the UK.
Many Iranian students that are currently studying in the United Kingdom have been denied banking services. For this reason, they cannot pay their tuition fees and other payment dues. Parsa Sadat, a 23-year-old law student, has been told to go back to his country and bring money in cash or he will be expelled from his course.
The Associate Professor at the college said:
“Even if the funds for the flight and fees can be raised, requiring Parsa to transport large amounts of cash within and from a country classified by the Foreign Office as a high-risk country, exposes the university to justifiable criticism. Parsa himself feels that carrying several thousand pounds in cash is dangerous.”
Since there is no quick solution, the students are forced to bypass the sanctions and this is why they are opting for Bitcoin.
The Chief Editor of IranWire.com Maziar Bahri says that many Iranian students started using cryptocurrencies since it is an extremely useful tool to bypass the economic sanctions. Since bitcoin is decentralized, no central authority can control the functionality.
Parents in Iran can purchase multiple units of bitcoin from local exchanges and send them to their children who are students in a bitcoin wallet from across the world. The recipient can again trade them for fiats via a local exchange.
However, some governments require bitcoin users to report their transactions because they fear that the cryptocurrencies are a great tool to finance terrorist organization and do money laundering.
Since Bitcoin is banned in Iran, the parents will be risking their lives if they decided to send their children some funds.
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Scott Galloway Of UCLA Believes Crypto Will Get Worse In 2019
‘’VR and crypto go from bad to worse. AI fails to live up to the hype. 3D printing rises from the ashes. Smart cameras become a hot category.’’His assessment seems to be accurate but can the crypto market prove to be the odd one out? This can be so since many industries are really committed to the crypto sector. Companies such as Fidelity, ICE, and Nasdaq have funded at least five projects in the crypto space over the past year. Venture capitalist Jim Breyer even said:
“So many of the very best computer scientists and deep learning Ph.D. students and postdocs are working on blockchain because they have so much fundamental interest in what blockchain can mean. You don’t want to bet against the best and brightest in the world.’’
Pantera Capital CIO: “Bitcoin Will Not Succeed As Money”
"Bitcoin created the ability to send money around the globe cheaply and easily without having to trust a third party," Krug was confident.He also went on to discuss several revolutions in the past, from the information revolution triggered by printing press up to the telegram, telephone, radio, television and finally, the Internet. When asked about finance, Krug believes that the industry has made leaps of progress such as increases in execution speeds, online user interfaces, brokers etc. However, he stated that a financial revolution powered by the blockchain could advance us into a next era where money, value and finance will all be coordinated thanks to crypto.
"This infrastructure will be borderless, cheap, quick, and, most importantly, will let people trade on things they’ve never been able to exchange before, and if markets for those don’t exist yet, it’ll let them create it," Krug concluded.
Scottish Man Sentenced To Prison For Buying Firearms On The Dark Web With BTC
‘’You claim that you had no intention of causing harm to anyone but the fact remains that you went to considerable lengths to get hold of a potentially lethal weapon and ammunition. You must have appreciated that this was unlawful. For this conduct you must be punished.’’This case is only a number in the series of similar cases where bitcoin is used to carry out illegal activities on the dark web.
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