Iran Government has taken the decision of slashing the zeros off its national currency, Rial, as a means to cope up with the inflation that has hit the country lately. History repeats itself and this time this happened with Iran. Though lopping off zeros from the currency would not do much better. It will just increase the ways of grabbing the alternatives for the people. With the rise in the Cryptocurrency Adoption, it became an alternative way for the Iranians to fight with the inflation.
Iran’s Government has been toying with the idea of debasing the rial for some time. 2018 was a tough year for the Iranians as the year experienced 60 percent loss in the national currency value. A bill to cut down four zeros from the national currency was presented to the Government by the Central Bank. This was done to save the economy. But it is believed that it will only give rise to higher Crypto Adoption. This can be stated as most of the countries that has undergone inflation and has adopted the same solution either became a failed country or couldn’t do much better.
Iranians have got their blood boiling with this uncanny decision. Thus, Cryptocurrency became their only way out. The usage of the peer-to-peer digital currency has seen a significant soar in Iran from December 2017 and the protest against the decision commenced. There is a small Cryptocurrency movement going on since then in Iran. Along with the revolution, a successive ascend in the amount of the Bitcoin Adoption has been there. It can be concluded that in some years, Iran would almost depend on the digital currency unlike many other states and countries like Venezuela, United States and many more.