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Iranian Crypto Exchange Nobitex Pairs The Country’s National Currency With XRP
XRP, the third biggest cryptocurrency currently continues its expansion of adoption. This time, cryptocurrency exchange based in Iran, Nobitex announced that they are pairing XRP with Iranian Rial (IRR).
https://twitter.com/nobitexmarket/status/1096355122563743744
This makes IRR the 44th fiat currency to be tradable with XRP. This move was essential because, SWIFT had suspended a few banks in the country from using its messaging system in November 2018.
Ripple, in regards to cryptocurrencies, is probably most similar to SWIFT in that they do have a centralized control hub for their XRP token, but they also have a lot of the added benefits of being decentralized and on the blockchain. SWIFT has become a political tool in the past, especially in relation to sanctions, and it is also totally reliant on the organization for the continued running of the network. This is where Ripple can offer a lot more for payments across the globe.
Nobitex encourages cross-border transaction, a feature that has become essential for the country’s hurting economy.
“Collaboration with startups and other companies to create a payment gateway through digital currencies to settle with foreign customers.”
Cryptocurrency ecosystem has been booming in Iran. After receiving several sanctions from the United States in 2018, which made life quite difficult in the country, Iran is currently on its way to becoming one of the first crypto-friendly nations in the Middle East. The Central Bank, which has emitted more restrictive laws for crypto before, was led to take another look at the crypto space, this time with a more favorable outlook. The authorities have already called experts in order to draft legislation that can benefit the government and the private sector as well.
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