The adoption of cryptocurrency in different countries varies greatly and Iran has been one to closely monitor. After SWIFT suspended some Iranian banks in November 2018 from using its messaging system, Iran has been looking for an alternative and cryptocurrencies seemed to fit like a glove.

Iran issued its own gold-backed cryptocurrency early this month and even negotiated with other countries to use cryptocurrencies to circumvent the US sactions.

Meanwhile, XRP, the digital asset that is perfect for cross border transactions, was not accessible on any of the Iranian crypto exchanges. And then Nobitex came along…

The Iranian rial becomes the 44th fiat currency to be tradable with XRP. You can view a detailed list of all exchanges and currencies trading XRP/fiat, here at XRParcade. You can find more information about Nobitex here.

It is worth mentioning that one of the goals of Nobitex is the “Collaboration with startups and other companies to create a payment gateway through digital currencies to settle with foreign customers“.

The availability of XRP in Iran is an important development and is worth monitoring both its volume and if any new Ripple partners come up in the country.

Note: This is not an endorsement of the exchange.

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Categories: Exchange