The Iranian Government shuts down the fiat onramp to crypto exchanges in a hopeless attempt to stem currency collapse.

The Iranian Rial is tanking and has fallen to a new historical low of 800K:1 USD

YTD, it has depreciated by 37% against the USD.

The government had placed various limits on purchases of USD, so people switched to crypto and stablecoins to protect their life savings.

But in their latest move, the government has just closed IRR onramps to crypto exchanges (which as expected has led to an even larger currency fall).

The story of currency collapse unfolds the same way every time.