Affected by further US economic sanctions, Iranian bitcoin trading volume rose by more than 50% in two weeks

On May 8, US President Trump issued an executive order prohibiting the purchase of Iranian steel and aluminum. The sanctions further undermined the stability of the Iranian Rial. According to reports, the Iranian Rial against the US dollar has fallen nearly 10% since last week. As Iran faces increasing political and economic pressures, more and more Iranians are beginning to seek digital currencies to protect their assets. According to Coin.Dance data, the trading volume of Iranian bitcoin on LocalBitcoins on the peer-to-peer trading platform soared to 25.3 billion Iranian rials (about 600,000 US dollars) in the week of May 5, up from 21.4 billion Iranian rials in the previous week. (about $510,000). Compared with the 16.7 billion Iranian rials (about $397,000) in the week of April 20, the local bitcoin transaction volume increased by 51.5% in two weeks.