As the US mount pressure on Iran and Russia, news is doing the rounds that a major Iranian hotel booking website is accepting crypto payments to avoid US-led sanctions imposed upon them. A large hotel platform is apparently now accepting crypto as payments for hotels that would circumnavigate the sanctions.
The US has a hardline global stance on nations such as Iran, who it is important to mention have not waged war on another nation for over 100 years. However, it seems that cryptocurrency could be the savior of the Iranian hotel and tourism business.
Iranian hotel booking platform accepts crypto payments
A large Iranian online hotel booking portal, hotelsiniran.com, are now accepting crypto payments that will evade the US imposed sanctions on the Middle Eastern nation. The co-founder and president of the Hong Kong Bitcoin Association (HKBA), Leonhard Weese, recently gave an interview with industry news site, CryptoSlate, were he confirmed a few things about the happenings.
Weese has revealed that the Iranian hotel booking portal has indeed informed its customer base that they are encouraging crypto payments in bitcoin, ether and even bitcoin cash. Weese believes this move by the website will intensify crypto adoption and usage in Iranian regions where they are excluded from the financial networks of the global elite banking system.
The US sanctions are affecting how Iranians can interact with the global banking systems and international bank transfers. Weese believes that crypto might well be adopted more since the sanctions:
“My main takeaway is that we are often looking at cryptocurrency adoption from our perspective as privileged users of the modern financial system. Most of us have credit cards, and the companies we interact with accept them. We can get cash at the ATM wherever we travel and get our salary on time into our bank account.”
He went onto add that bitcoin could boom in regions that have poor infrastructures and in the places that are banned from using the global financial system.
“But Bitcoin may not be adopted because it is more favorable to users of credit cards and PayPal. It will be adopted because it is more favorable to those without.”
Iranian Government to start using crypto?
As hotelsiniran.com are now accepting crypto payments because they cannot accept standard payments from an international market, are the Iranian government also thinking about adopting crypto?
The Iranian government is seriously considering using crypto with its allies in the wake of the US sanctions that drastically effects the processing of cross-border payments. The head of Iran’s Parliamentary Commission of Economic Affairs (IPCEA), Mohammad Reza Pourebrahimim, recently said in an interview with the Russian publication, RBC, that an alliance could already be underway with the Central Bank of India, who has been cooperating with Russia to implement a SWIFT system for crypto payments.
Pourebrahimi told RBC that, “[IPCEA has already] obliged the Central Bank of Iran to start developing proposals for the use of cryptocurrency. Over the past year or two, the use of cryptocurrency has become an important issue. This 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.”
In the past, Iran was opposed the use of digital currency trading, but it seems that crypto payments could now be a very viable alternative to centrally-backed fiat cash in the wake of the newly imposed sanctions.
I love everything about crypto. Simply can’t wait to see how blockchain technology changes our world for the better.