Students in the UK and Iran use Bitcoin to pay tuition

As early as November, the US successfully pressured Swift, a bank settlement system, to sever Iran's ties with the global financial system. According to reports, this has caused Iranian students abroad to bypass banks and use Bitcoin to pay tuition fees.

Iran News Agency (Iranwire) explained to the British media: They use Bitcoin and other cryptocurrencies to obtain funds. Many international students at the University of Cambridge (University of Cambridge) have experienced problems with banking services in the UK.

British newspapers also reported that some British institutions suggest that these students fly back to Iran and bring legal cash back to the UK to pay tuition fees, such as the University of Reading (University of Reading). Since these students need to take their money out of the border, it may present them with a range of legal issues.

In addition to Iranian citizens, the Iranian government may also use cryptocurrencies to evade economic sanctions. According to Fincen, Iran has traded at least $3.8 million worth of bitcoin each year since 2013.

The country may soon follow in Venezuela's footsteps and launch a national digital currency in an attempt to evade sanctions on a wider scale. If this happens, the Iranian government may seek support from Russian experts. Meanwhile, international crypto exchanges have stopped serving Iranian customers to avoid the risk of violating US sanctions.

Source: ChainFinance