Major Hotels in Iran Accepting Deposits in Cryptocurrency to Avoid U.S. Sanctions

HotelsInIran.com, a major Iranian hotel booking platform, began accepting payments in cryptocurrency subsequent to the imposition of additional sanctions by the U.S. on Iran and Russia in July 2018.Adoption of Bitcoin in Regions With Poor Infrastructure.

Leonhard Weese, co-founder, and president of the Hong Kong Bitcoin Association, revealed earlier this week that a hotel booking company informed its clients their motive for encouraging customers to process payments in cryptocurrencies like Bitcoin, Ethereum, and Bitcoin Cash.My friend is booking hotels in Iran that require a deposit.

The note in the email reads: "Payments in cryptocurrency might sound a bit strange, but the severe American sanctions on Iran's banking system have left us with not many choices."

"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."

"Many people still look at cryptocurrencies and say 'I won't use this.' But already in 2018 people are getting into the situation where they have to use cryptocurrencies as their only payment option, or else they can't conclude their trade. This is how Bitcoin will eventually be adopted."

With its allies, the government of Iran is seriously considering the utilization of major digital assets to evade newly established U.S. sanctions and process cross-border payments.

Most recently, Mohammad Reza Pourebrahimi, the head of Iran's Parliamentary Commission of Economic Affairs, said in an interview with major Russian publication RBC that the Central Bank of India has already begun cooperating with the Russian authorities to move over from the SWIFT system to cryptocurrencies.

" 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.

Although the government of Iran has expressed opposition against digital currency trading throughout the past few years, the government's adoption of cryptocurrencies as an alternative financial system to central bank-backed fiat money may ultimately lead to the embracement of digital assets by the Iranian population.