Affected by US sanctions, the Iranian Rial trade volume on the LocalBitcoins platform has surged

Recently, the United States issued an administrative ban prohibiting the purchase of Iranian steel and aluminum. US sanctions against Iran further undermine the stability of the Iranian Rial. According to reports, the exchange rate of the rials against the US dollar is 156,500 rials, which has fallen by nearly 10% since last week. As Iran faces increasing political pressure and more and more people are excluded from the global economy, Iranians are seeking digital currencies to protect their assets. On the cryptocurrency trading platform LocalBitcoins, the trading volume of the Iranian Rial last week (as of May 5) soared to 25.3 billion rials, an increase of 51.5% in two weeks.