Iran finally gets its first bitcoin exchange after more than six years since bitcoin was introduced. BTXCapital has launched the first real time Iranian bitcoin exchange catering the Persian bitcoin community.
BTXCapital is using the white labelled bitcoin exchange and trading platform solution provided by Draglet. By partnering with Draglet to use their bitcoin exchange solution, BTXCapital has cut down a lot of time which is otherwise required for development and deployment of the platform.
Majority of Iranian population are internet savvy and the country already has a small by steadily growing bitcoin community. However, until now Iranians did not have a proper bitcoin platform to buy or sell bitcoins. The only way they could procure bitcoin was through LocalBitcoins.com.
With the introduction of BTXCapital, Iranians will now be able to trade bitcoins in real time and also get fair conversion rates in sync with the global bitcoin prices. BTXCapital offers a neat bitcoin trading platform in Farsi language making it easier to use. Users can buy, sell bitcoin and fund their BTXCapital account with Iranian rial through bank transfer. The exchange also includes an open order book and it also offers a public developers API.
Even though there is some ambiguity associated with current bitcoin regulations in Iran, the recent turn of global events concerning Iran and the West offers a positive outlook. Iranian law dictates that the official currency of the country should be either in the form of paper banknotes or metal coins and many are still not sure about the acceptance of bitcoin as alternative currency in the country. However, few people believe that there should not by any issues with regard to international transactions using bitcoin.
It is too early to speculate anything about government’s reaction or the regulations regarding bitcoin. However, now that BTXCapital has set the stage for bitcoin in Iran, we can soon expect some new developments with regard to bitcoin and other digital currencies.