Iran’s New “Reforming Monetary and Banking Law” Has Passed In Parliament To Launch A New Currency
Iran’s New “Reforming Monetary and Banking Law” Has Passed In Parliament To Launch A New Currency
May 5, 2020
Iran’s New “Reforming Monetary and Banking Law” Has Passed In Parliament To Launch A New Currency
Iran’s New “Reforming Monetary and Banking Law” Has Passed In Parliament To Launch A New Currency
May 5, 2020

Iran’s new ‘Reforming Monetary and Banking Law’ has passed in parliament to launch a new currency as coronavirus and sanctions hyperinflate the rial and local Bitcoin prices skyrocket relative to official exchanges.

On May 4, it has been reported by local outlet Mehr News that the new law dictates the transition from rial to the toman, valued at 10,000 rials, within the next two years.   

However, in 2018, the Iranian authorities set an official exchange rate at some 42,000 rials to the dollar, as many currency exchanges still show this as the going rate.

At the same time, LocalBitcoins, the peer-to-peer Bitcoin exchange, is seeing prices of 1,445,658,900 rials per BTC, according to the official exchange rate, roughly $34,500. 

It has been analyzed that it is not the time to start selling BTC in Iran. In spite of official proclamations, the rial has taken a beating alongside the Iranian economy. 

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According to Radio Free Europe, black market trading had the US dollar selling for 156,000 rials. The toman would cut four zeroes off of current rates, but may well run into the same problems that have stymied the rial. 

Thus, recently, Iran’s struggle to contain the coronavirus and the collapse of the price of oil has compounded existing problems.

Source: Cointelegraph | Image: Pixabay


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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