Protests erupted in Tehran as the rial hit record lows against the dollar, blamed on poor central bank policies. Bitwise CEO sees Bitcoin as a way to protect against devalued currencies. The rial has lost 40% of purchasing power since June, now at 1.4 million to the dollar, an all-time low. Central Bank governor resigns amid unrest.

Iran allows crypto trading, but strict rules on mining. Crackdown on unregistered mining limits potential benefits from cheap electricity prices. Iranians face sanctions, losing access to international financial networks. Bank Melli bankruptcy jeopardizes assets of 42 million Iranians. 8 Iranian banks at risk of dissolution without reforms.

Iranian crypto exchange Nobitex hacked for $81 million in June, with 11% drop in crypto flows. Conflict with Israel and local conflicts impact financial stability. Bitcoin offers potential refuge amid economic turmoil. Central bank warns of further bank dissolutions without reforms, adding to uncertainty in the country.

Read more at Cointelegraph: Iranians Protest Against Dramatic Currency Collapse