Iran Authorities’ New Rule Emphasizes The Need For Cryptos To Coexist With Cash And CBDCs
An Iranian parliament member has revealed that the authorities will start enforcing new punishments for women who choose not to wear hijabs in public. Moreover, the authorities will freeze the bank accounts of anyone guilty of the offence. However, they would have been warned twice, and failure to heed the warning would make them lose access to their funds.
An Islamic Consultative Assembly member Hossein Jalali argued that guilty individuals would first receive a message on their phones reminding them to obey the rule and wear a hijab. Afterwards, they will undergo the “warning phase,” before the authorities freeze their bank accounts should they fail to comply. This account freeze is the last phase for non-compliant residents.
Using Cryptos To Retain Access To Personal Funds
Dissidents and demonstrators have turned to cryptocurrencies to retain access to financial resources in response to similar government methods in the past. Jalali proposed that there shouldn’t be “morality police” enforcing the law in an ideal environment where no one disobeys the law.
However, others mentioned that cameras and artificial intelligence might also be used to identify offenders. Jalali did not elaborate on what the “warning stage” is, though. Protests have been happening in Iran ever since Mahsa Amini, an Iranian lady, was taken into custody by the morality police on September 17 for not wearing a hijab.
Then, she disappeared under strange circumstances at a hospital in Tehran. As a result, many women are now setting their hijabs on fire or deciding not to wear them as part of a more significant movement to persuade the government to eliminate the requirement that women wear hijabs at all times.
Shut Down Protesters’ Bank Accounts
The threat to shut down protesters’ bank accounts is similar to what Canadian Prime Minister Justin Trudeau did earlier this year. He used the Emergencies Act to give police permission to shut down protesters’ bank accounts.
Some protesters turned to BTC to receive funding for the cause after the crowdsourcing website GoFundMe removed the campaign from its website. Therefore, more Government regulations mean that BTC and other crypto assets remain the best option for citizens.
Since August 9, Iran has been producing the e-Rrial, a Central Bank Digital Currency (CBDC) used for international trade. However, the Iranian government’s threat to freeze bank accounts to enforce compliance has again brought attention to the risk posed by CBDCs and the transition to cashless economies.
On December 6, Nigeria put a cap on ATM withdrawals of more than $45 per day to force individuals to use the CBDC, which is unpopular with the general public. However, unlike with fiat currency, authorities cannot impose restrictions on BTC transactions.
These developments prove that cryptos are a viable option for keeping financial resources since it is without Government interference.
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