Iranian Hotels Will Take Cryptocurrency As Payment Method Due To U.S Sanctions

In a Twitter post made by Co-Founder of Hong Kong Bitcoin Association (HKBA), Leo Weese, it has been noted that an Iran hotel booking agency will now be accepting cryptocurrencies. As for the reason why Iran arrived to this decision comes from Americans, as the latter has placed “sanctions on Iran’s banking system”.

Upon being invited for an interview by CryptoSlate, Weese confirmed that the Iranian hotel booking agency is none other than HotelsInIran. While most individuals are fully aware of the difficulty bitcoin and altcoins are having in terms of mainstream adoption, Weese believes that those who are in need and have no other means to conduct such transactions will be the first ones to implement the use of bitcoin.

In particular, he shared that,

“My main takeaway is that we are often looking at cryptocurrency adoption from our perspective as privileged users of the modern financial system,” he also added that most consumers have access to payment methods like “credit cards, and the companies we interact with accept them”.

Continuing on cryptocurrency adoption, Weese said that it is likely to

“increase in the upcoming years – especially if the process of obtaining efficient and secure financial services from regulated banking instituitions become difficult”.

An interesting point that was made during the interview was that the acceptance of cryptocurrency at times will be done so by force. That is, while many still refuse to use Bitcoin, there are many people that are “getting into the situation where they have to use cryptocurrencies as their only payment option”. This is exactly the case for Iran, as America pulled out of the Nuclear Deal.

Head of Iran’s Parliamentary Commission of Economic Affairs (IPCEA), Mohammad Reza Pourebrahimi had voiced in a previous interview that Iran will be considering the likes of cryptocurrencies. He also discussed the possibility of switching from the SWIFT system, one that empowers sending and receiving information related to transactions of global institutions.

As per Pourebrahimi’s citation:

“[Cryptocurrency] is one of the good ways to bypass the use of the dollar as well as the replacement of the SWIFT system. They [Russia] share our opinion. We said that if we manage to promote this work, then we will be the first countries that use cryptocurrency in the exchange of goods.”

Like many countries, Iran was one to oppose cryptocurrencies altogether, but now it looks like it might be the first country to fully embrace the digital assets. How do you think Iran’s decision will turn out for the country, let alone the whole world?

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