The bill, presented this week in the US Congress, severely limits Iran’s efforts to develop its own national cryptocurrency, as reported by the CoinDesk news agency.
In recent months, US regulators have repeatedly reported that the Iranian government wants to use a sovereign cryptocurrency, similar to oil in Venezuela, to avoid economic sanctions.
New Congress Bill on Iran's cryptocurrencies
Separate provisions of the "Blocking Iranian Illicit Finance Act", submitted by Mike Gallagher, the member of the US House, demanded a report on the creation of a sovereign cryptocurrency in Iran.
The corresponding bill was submitted to the Senate by Senator Ted Cruz. The proposals provide for sanctions against those who deliberately provide Iran with financing, services or "technological support used to develop Iran’s digital currency."
These actions in Congress should be considered in the context of the decision of the Trump administration in May 2018 to withdraw from the Iranian nuclear agreement or the Joint Comprehensive Plan of Action (JCPOA).
"Exiting from JCPOA was only the first step towards increasing pressure on the Iranian regime (...) Now we have an important window for maximum economic pressure and reducing the Iranian regime’s ability to export violence throughout the region (...) New legislative decisions make it is this that effectively isolates Iran from the international financial community." – Mike Gallagher, R-Wisc.
Recall that earlier this week, an Iranian government official reported on the positive aspects of using blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details technology in the economy. Moreover, cheap electricity in the Islamic Republic has made Iran a popular place for miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details cryptocurrency.
The US Congress is considering a bill on possible sanctions for the cryptocurrency of Iran, but after the introduction of these rules, traders in Iran may suffer. After hearing the bill on cryptocurrency sanctions, one Iranian trader stated that: "The civilian population is not guilty of anything."
Editor: Alyona Nabok