> Buying USD is not that easy here and many people simply use an exchange to buy and save crypto, without needing to do any on-chain transaction at all.
So people are using IRR to buy “crypto” on an Iranian exchange, without any on-chain transaction? Does the said exchange even have real crypto backing these accounts? If so, how did they buy it, since there's probably no-one out of Iran that would offer bitcoin or anything against rial.
On a side note, because the majority of today's use of crypto is intermediated by exchanges (which are banks, really) I'd really love to know how “leveraged”[1] they are: that is, how much of the crypto there customers have on their bank account they actually own on-chain. It could still be 1/1 at this point, but it would be surprising given they have no regulatory requirements and it's such an easy way to make money.
[1]: yes, I know, this isn't the proper term, but I just can't recall it right now.
So people are using IRR to buy “crypto” on an Iranian exchange, without any on-chain transaction? Does the said exchange even have real crypto backing these accounts? If so, how did they buy it, since there's probably no-one out of Iran that would offer bitcoin or anything against rial.
On a side note, because the majority of today's use of crypto is intermediated by exchanges (which are banks, really) I'd really love to know how “leveraged”[1] they are: that is, how much of the crypto there customers have on their bank account they actually own on-chain. It could still be 1/1 at this point, but it would be surprising given they have no regulatory requirements and it's such an easy way to make money.
[1]: yes, I know, this isn't the proper term, but I just can't recall it right now.