Iran's Largest Crypto-to-Fiat Exchange Adds This Privacy Coin

News
Fri, 06/12/2020 - 13:00
Vladislav Sopov
The Islamic Republic of Iran, which has been under U.S. sanctions for many years, has revealed a controversial attitude towards crypto
Cover image via stock.adobe.com
Contents

It has been reported that EXIR, the largest and most advanced cryptocurrency exchange platform in Iran, has added support for Monero (XMR) direct swaps with fiat Iranian Rial (IRT).

New horizons for Monero (XMR)

Paul Janowitz, a Monero (XMR) community speaker, revealed today that EXIR, a top-level Iranian crypto exchange, is now supporting Monero (XMR) trading pairs with Iranian Rials (IRT).

Image via Twitter

Mr. Janowitz believes that this instrument will be of significant use for evading U.S. sanctions imposed on the republic. Monero (XMR) privacy-focused transactions represent an alternative to banking remittances that are subject to sanction-related restrictions.

EXIR is a centralized crypto exchange with fiat payment instruments. It was launched in Tehran in 2017. Bitcoin (BTC), Tether (USDT), Ethereum (ETH), XRP and Bitcoin Cash (BCH) are already available for trading against the Iranian Rial.

According to Binance's Coinmarketcap, its net trading volume exceeds $537,000. CMC has already added XMR to its trading toolkit of EXIR, but only to the 'Unverified markets' category.

Privacy vs sanctions

Just like in any authoritarian regime, people in Iran are highly interested in cryptocurrency and blockchain. Iranian states also consider using cryptocurrency to evade U.S. trading sanctions.

Also, as revealed by Foreign Policy, Iran's President Hassan Rouhani highlights the importance of Bitcoin (BTC) instruments in national banking. Also, a nation-wide strategy for Bitcoin (BTC) mining is under consideration by the financial authorities of this country.

As covered by U.Today, Bitcoin (BTC) prices in Iran spiked above $29,000 after the assassination of local strongman Gen. Qasem Soleimani.

So, Monero (XMR) with its privacy-focused approach looks like a real gem for local citizens and banks. It is worth noting that the performance of Monero (XMR) transactions may be upgraded this year after the implementation of a new signatures scheme.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy