The App Destroying Iran's Currency (foreignpolicy.com)

Iranians are using the messaging app Telegram to spread fake news about the rial -- and make a profit for themselves. From a report: Iranian President Hassan Rouhani owes his re-election in large part to the messaging app Telegram. During Iran's 2017 presidential election, Iranians relied on the app as a rare source of uncensored news about the race, in which Rouhani was not the candidate most favored by hard-liners. Just one year later, Telegram may end up becoming Rouhani's downfall. The app is at the center of Iran's accelerating currency crash.

The Iranian rial was generally acknowledged to have been on a stable path until May, when U.S. President Donald Trump exited the Iran nuclear deal. Prior to the U.S. withdrawal, one U.S. dollar was worth around 37,000 rials; immediately afterwards, a single dollar jumped to around 44,000 rials. The rial has continued to slump ever since, dropping to 50,000 to the dollar, and then 80,000 rials, and then 190,000 during Rouhani's speech at the United Nations General Assembly in September. Right now, it is at 120,500 rials. But it isn't just U.S. sanctions and the fundamental weaknesses of the Iranian economy that have contributed to Iran's currency freefall. It's also the deliberate circulation of rumors and fake news on Telegram by Iranian currency traders and middlemen out to make a profit.

Comments

I call B.S.

[rsilvergun]

An app isn't killing their currency, the United States reckless foreign policy is. It's pretty obvious, what with the sanctions and us backing out of the deal that was and is still working that we've decided it's time for a "regime change". It's the same bloody thing we did in Iraq with the added bonus that we're going to wreck their economy first.

What bothers me is that not only is it so transparent what we're doing but that nobody particularity cares. You'd think Americans on all sides would be pretty angry that we're overthrowing gov'ts left and right. Outside of a few left wing news outlets and the BBC I don't see anyone talking about it.

Re:I call B.S.

[Dragonslicer]

What bothers me is that not only is it so transparent what we're doing but that nobody particularity cares. You'd think Americans on all sides would be pretty angry that we're overthrowing gov'ts left and right.

Why would anyone think that? The US has been overthrowing governments for decades. Why would people on all sides suddenly be angry about it? The people that didn't like it 30 years ago still don't like it, and the people that didn't care 30 years ago still don't care.

Bad headline

[Anonymous Coward]

Even the summary says what is really destroying the currency - " deliberate circulation of rumors and fake news". Telegram (the app) is not at fault. It might be ENABLING the destruction of the currency, but it's not CAUSING it.

None of what you just wrote is true

[rsilvergun]

that "Plane full of cash and gold" was us giving them back money that was theirs. We'd gotten ahold of about $6 billion of their money and basically stole it. You can do that if you're at war. We're not.

And they don't have nukes. Even after Trump reneged on the deal they keep following it. Just like Iraq there are no weapons of mass destruction. We've got independent investigators confirming that.

Fact it, Trump wants a war. Just like Bush needed one to stay in power. You know this. You're either Trolling or being paid to Troll. Either way it pisses me off. We're spending trillions overthrowing governments. Meanwhile we don't have universal healthcare and tuition free college. Both of which are killing us on the competitive world stage.