SOPA Images/LightRocket via Getty ImagesIran-based bitcoin sellers on peer-to-peer trading platform LocalBitcoins were seen to be pricing bitcoin at around 1 billion Iranian rials, worth some $24,000 based on the official exchange rate set by Iran's central bank. However, the official exchange rate set by the Central Bank of Iran is only ever used by the government and a handful of businesses. Almost all people and businesses in Iran use a market set exchange rate when converting rials to U.S. dollars—that currently has rials priced at around a third of the official exchange rate. "The current bitcoin to rial rate posted on Iranian crypto exchange websites is around one bitcoin to 984,000,000 rials, equal to $7,208 per bitcoin in Iran, which is very close to the going rate everywhere else." "The official rate is what the central bank says.

Source: Forbes January 04, 2020 15:50 UTC