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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.
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.
Iran should switch to Bitcoin!
Then, once the next cryptocurrency hack cleans out the Iranian treasury, the entire country will be flat on its back. No more nuclear weapons program!
Stuxnet couldn't hold a candle to the damage that BTC would do to Iran. :-)
I know you're joking, but I'll provide a serious response nevertheless.
Iranians don't really use Rial when discussing prices. They use Toman. 1 million Rial equals 100.000 Toman, which is mostly expressed as "100". So 10USD would be "120". They definitely do not consider themselves millionaires, but rather victims of petty fights between their own and US/Saudi/Israeli politicians.
Nevertheless, going to an exchange office in Iran is an interesting experience. 100USD or 100EUR goes a long way in the country and you do need a bag to hold all the local notes, because it definitely will not fit in your wallet.
At gas stations attendants walk around with a big wad of bills in their hand for change, even though gas in many places is only 0.10USD / liter.
That and they must support the clergy parasites and their military having their palms into various sectors of their economy. They are also funding stupid wars in Syria and Yemen, meddling in Iraq and Lebanon. Iran is willing to fight until the last Arab dies...which says a lot since Iranians are mostly Persians, not Arabs.