Iran’s First Ever Bitcoin ATM Unveiled in Tehran

Iran’s First Ever Bitcoin ATM Unveiled in Tehran 1

On April 24, 2019, the first bitcoin ATM in the Islamic Republic of Iran was revealed at the 12th International Exhibition of Exchange, Bank and Insurance in Tehran.

Footage of the event was captured by a film crew working for German news agency Ruptly, a part of Russia Today’s greater media network. Intrigued crowds were seen lining up to see the functionality of this machine, which was emblazoned with the message that the BTM was itself made in Iran, not wheeled into the conference from some overseas source.

Ruptly also interviewed both the demonstration’s presenters and random users on the experience. “I was happy, as a person who has Bitcoin, when I used it,” said Iranian citizen Elnaz Rahim. “I needed cash in Rial and it took me less than three minutes and I was very satisfied. I hope that we will be able to circumvent sanctions by it.”

Indeed, Iranian citizens have already seen the possible use cases of bitcoin to circumvent international sanctions. In December 2018, Iranian citizens studying abroad in the United Kingdom found themselves relying on bitcoin to pay their tuition, after recently imposed sanctions made it otherwise impossible.

The possibility of using bitcoin in this way is especially salient for Iranians, as punitive sanctions have been pushing Iran’s energy sector to the limit. With summertime heat waves pushing temperatures above a whopping 127 degrees Fahrenheit, ways of circumventing these measures are becoming an especially important consideration as energy costs continue to increase.

When Bitcoin Magazine helped to pass the Lightning Torch (via Welsh bitcoiner Bitgeiniog) to an Iranian user in March, sanctions were a recurring point of concern, with Torch recipient Ziya Sadr calling bitcoin “a safe haven.”

April 2019 has seen Iran become a major area of interest for bitcoin miners from China. Although mining firms have found it difficult to get the necessary equipment into the country, they have nevertheless reported that the government is willing to offer lucrative deals on electricity costs in exchange for long-term investment in the nation’s power plants.

With over 220 companies participating, the Tehran Times called the exhibition “the most significant event in domestic capital market, banking and insurance sectors,” especially considering how nearly 70 percent of the nation’s 81 million inhabitants are now internet users.

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Millions in Cryptocurrency Stolen by Scammers in the Last Month According to Tenable Research
November 24, 2021
Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021

Blockchain/Cryptocurrency Questions and Answers

Crypto casinos
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021
ICo Presale
The Science Behind ICO Presales…
October 14, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin55,158 1.41 % 1.96 % 6.35 %
Ethereum4,364.4 2.31 % 2.69 % 3.35 %
Binance Coin598.62 1.52 % 3.11 % 6.20 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Solana220.38 1.55 % 3.10 % 5.05 %
Cardano1.590 1.37 % 6.77 % 5.37 %
XRP0.9416 1.87 % 2.93 % 9.68 %
USD Coin1.000 0.14 % 0.20 % 0.17 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Terra68.72 0.53 % 5.99 % 57.84 %

bitcoin
Bitcoin (BTC) $ 55,543.00
ethereum
Ethereum (ETH) $ 4,408.80
binance-coin
Binance Coin (BNB) $ 601.31
tether
Tether (USDT) $ 1.00
solana
Solana (SOL) $ 224.16
cardano
Cardano (ADA) $ 1.61
xrp
XRP (XRP) $ 0.948469
usd-coin
USD Coin (USDC) $ 0.999204
polkadot
Polkadot (DOT) $ 34.36
dogecoin
Dogecoin (DOGE) $ 0.203116