Internet Blackout in Iran Raises Challenges for Crypto Users
- Approximately seven million of Iran’s 92 million population are estimated to be crypto users.
- TRM Labs reported around $3.7 billion in total crypto flows in Iran from January to July.
- The Iranian rial has hit record lows against the US dollar, prompting discussions on using Bitcoin as a store of wealth.
- Elon Musk’s Starlink and Blockstream’s satellite network could provide alternatives for crypto transactions without internet access.
- Bitchat, a peer-to-peer messaging service, has been downloaded over 1.4 million times and may facilitate Bitcoin transaction data sharing offline.
With the Iranian government cutting internet access amid protests, citizens face significant barriers to using cryptocurrencies like Bitcoin. Various technologies, including satellite internet and decentralized messaging apps, are being explored to enable continued crypto transactions despite the blackout.
As approximately seven million Iranians engage with crypto, the ongoing internet disruption poses critical challenges for their financial activities and asset management.(Source)
