Quote from: NeuroticFish on September 06, 2018, 05:37:23 AM

Quote from: butka on September 06, 2018, 05:33:57 AM

I wonder if there is a way to take advantage of this fact. For example, the first thing that comes to mind is arbitrage trading. If you know someone in Iran and if you can move money across the border, probably you can. The other question is if this is just a temporary spike.

Edit: I've read the story and the comments and it looks like the 24k price is incorrect. Any proper news agency would apologize and correct that kind of article...

It is not incorrect. Presently, as at when typing, it is around 21,179.34 USD. Visiting localbitcoins and some of their local exchanges online;
https://localbitcoins.com/country/IR it is currently trading at least at around 891,756,020 iranian rial which if you convert to USD, is about that amount.

At least for those who are ready to buy, they are willing to go for as much as 836,382,814.45 IRR. Unless there is a way wire transfer is working in Iran, I am not sure there is a way one will be able to take advantage of this in the arbitrage perspective. Although, I got a glimpse of this article online while trying to search for the current foreign exchange policies in Iran online

Quote from: https://www.ft.com/content/51e6a848-98e5-11e8-ab77-f854c65a4465

Iran has announced a relaxation of foreign exchange rules intended to counter US sanctions targeting cars, gold and metals, which come into force on Monday.

The Central Bank of Iran announced measures on Sunday to allocate subsidised hard currency, including US dollars and euros, for trading in basic commodities and pharmaceuticals, and to allow unlimited inflows of such currencies, as well as gold, without taxation.

The bank will also reopen the currency markets after a crackdown lasting months which prohibited exchange offices from buying or selling hard currencies. This will allow importers of non-essential goods to gain access to the hard currency brought into the country by exporters with exchange rates determined in the open market.

We are in conditions similar to an economic war . . . [but] I want to say that on the day that you [the US] are imposing sanctions on us, we are opening up our markets, Abdolnaser Hemmati, central bank governor, said on state television. I tell the people that our economic situation is very good and our foreign exchange balance is good.

Probably, since they are opened to the world, there should be a way to do transactions with those who may be willing to buy.