Iranians feeling the squeeze from U.S. sanctions targeting the Islamic Republic's ailing economy are increasingly turning to such digital currencies as Bitcoin to make money, prompting alarm in and out of the country. Like other digital currencies, Bitcoin is an alternative to money printed by sovereign governments around the world. Bitcoin and other digital currencies like it trade globally in highly speculative markets without any backing from a physical entity. In Iran, "miners" have an edge because electricity is cheap thanks to longtime government subsidies. But the constant raids and authorities' conflicting statements on the issue have Bitcoin "miners" in Iran incredibly leery of being identified.

Source: ABC News July 18, 2019 06:06 UTC