Reports of protestors burning down the Central Bank of Iran spread across news outlets on Sunday. The news was met with largely positive responses, particularly among Bitcoin maximalists and gold enthusiasts.
However, after further research, it became apparent that the bank being burned was actually a branch of Bank Melli, a smaller regional bank. The confusion was due to the original reporting, and a general lack of awareness about Iranian infrastructure.
— Global Breaking News (@GBNReports) November 16, 2019
Civil Unrest in Iran
While not as significant as the burning of the Central Bank, the action is nevertheless important. The protestors were reacting to the recent increase in fuel costs from the central government. They also called for the removal of the current regime under Ayatollah Khamenei.
The protests reflect the overall political unrest in the region as protestors have taken to the streets in Iraq and Kuwait as well. More than 300 people have died in recent weeks amid the protests.
Human Rights and Governmental Corruption
The overall perspective of the protestors has been one of disgust against government corruption. While many Bitcoin believers in the global west believe that the chaos is a sign of rejection of governmental authority, the opposite is true.
Most protestors are not seeking greater financial freedom or some form of arbitrary autonomy. Instead, most are looking for simple human rights, lower governmental corruption, and less price gouging by national committees.
Western protestors tend to be more concerned with the overall flow of money, and the state of the economy. Bitcoin maximalists particularly believe that a true laissez-faire economy, with a currency free from governmental control, would eventually provide genuine stability for the economy.
This perspective has been bolstered by the inflationary pressures caused by the current central banking policies in much of the western world. Quantitative easing, negative interest rates, and an overall glut of currency have led to increased fear for consumers.
Images courtesy of Twitter, Shutterstock.
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