When US President Donald Trump unilaterally withdrew from the Joint Comprehensive Plan of Action in May 2018 and reinstated harsh sanctions on Iran, many feared that Iran’s tourism sector, which has been continuously growing in recent years, would take a hit.

But while the number of tourists, mainly from Europe, has declined, the devaluation of the Iranian rial — triggered by sanctions and exacerbated due to poor management — lured many more foreign tourists to Iran, especially from neighboring countries. The rial lost more than 60% of its value in 2018, making Iran, already a price-competitive tourist destination, even cheaper. Intensified pressures also prompted both the government and the private sector to fast-track projects long in the pipeline.

Meanwhile, cryptocurrencies and blockchain technologies have recently become hot-button topics in Iran, more so after US sanctions were reimposed. Many high-profile projects are currently in the works in Iran.

It comes as no surprise, then, that the intersection of tourism and cryptocurrencies is being seriously eyed by both the government and the private sector.