o3n [ozone] blockchain layer

Blockchain source

Menu
  • Cybersecurity services
Menu

US Lawmakers Introduce Bill to Impose Sanctions on Iranian National Cryptocurrency

Posted on December 21, 2018 by nbelov

U.S. lawmakers recently introduced a bill that would impose further sanctions on Iranian financial institutions and its national cryptocurrency.

United States lawmakers have introduced a bill to levy further sanctions on Iranian financial institutions and the development and use of the national digital currency. HR 7321 was introduced in the House of Representatives by Rep. Mike Gallagher on Dec. 17.

In a bid to combat money laundering and terrorism-related activities, the “Blocking Iran Illicit Finance Act” calls for sanctions on the Iranian financial sector and on the development and use of the national cryptocurrency.

The act specifically prohibits transactions, financing or other dealings related to an Iranian digital currency, and would also introduce sanctions on foreign individuals engaged in the sale, supply, holding or transfer of the digital currency.

The act also calls for a report to Congress on the government of Iran’s progress in developing a sovereign digital currency. A corresponding bill was introduced in the Senate by former presidential hopeful Sen. Ted Cruz on Dec. 13.

The U.S. government introduced sanctions against Iran over its nuclear program in 2005, while the U.S. Senate and House of Representatives passed the Comprehensive Iran Sanctions, Accountability, and Divestment Act in 2010. The sanctions affected the financial sector of the country, barring financial institutions of Iran from directly accessing the U.S. financial system.

The sanctions were lifted in 2015 after the country agreed to dial down its nuclear program to meet standards set out by International Atomic Energy Agency in the Joint Comprehensive Plan of Action (JCPOA).

However, in May 2018, U.S. President Donald Trump announced that America would withdraw from the JCPOA that was brokered under his predecessor President Barack Obama. Sanctions were subsequently reintroduced.

Many Iranians have turn to cryptocurrency as a way to skirt sanctions. In May, Mohammad Reza Pourebrahimi, the head of the Iranian Parliamentary Commission for Economic Affairs, referred to cryptocurrencies as a promising way for Iran to avoid U.S. dollar transactions, as well as a possibly replace the SWIFT interbank payment system.

As Cointelegraph reported earlier in December, Iranians are turning to Bitcoin (BTC) mining due to economic difficulties. Despite the recent crash in crypto markets and fluctuations in the national rial currency caused by sanctions, Iranian people are still reportedly managing to gain profits from mining Bitcoin.

Source: Cointelegraph https://cointelegraph.com/

Recent Posts

  • Supply Chain Blockchain for Automotive Market Size And Forecast | Mesosphere, DASH, Bitpay, Shapeshift, Bittrex, Factom Inc, Coinbase, Ripple, IBM, Chain Inc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Retail Market Size And Forecast | IBM, Microsoft, SAP, AWS, Oracle, Bitfury, Cegeka, Auxesis Group, Blockpoint, Coinbase – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain In Telecommunication And Post Services Market Increasing Demand and Dynamic Growth with Forecast 2029 | IBM, Microsoft, Juniper Networks, Coinbase, SAP SE – The Daily Vale – The Daily Vale May 25, 2022
  • Metaverse Blockchain Games Market 2022 Regional Trends, Top Leading players – Ubisoft, Sky Mavis, Decentraland, Mythical Games, DAPPER LABS, Forte, Enjin, Voxie Tactics – The Daily Vale – The Daily Vale May 25, 2022
  • Blockstream dreams up a whole new type of multisig called ROAST May 25, 2022
  • OpenEthereum support ends with the Merge fast approaching May 25, 2022
  • 'Code is not law': Seth Green thief stole Bored Apes, not the rights say experts May 25, 2022
  • Cornucopias: A Revolutionary Cardano Blockchain Project That Is Redefining the Gaming Metaverse Industry – Press release Bitcoin News – Bitcoin News May 25, 2022
  • FinTech Blockchain Market to have a Stout Growth in the Near Future – Ripple, Guardtime, Cambridge Blockchain, AWS, Applied Blockchain, etc – The Daily Vale – The Daily Vale May 25, 2022
  • WeWork founder reinvents himself with $70M crypto carbon credit platform May 25, 2022
  • Blockchain in Pharma Supply Chain Market | Company Challenges And Essential Success Factors |IBM, AWS, Microsoft, SAP, Chronicled, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain Distributed Ledger Technology Market to have a Stout Growth in the Near Future – Digital Asset Holdings, Capgemini, Accenture, Block chain Tech Ltd, Ethereum, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Digital Rights Management DRM Market Size And Forecast | Sony, Binded.Inc, Custos Media Technologies, Scenarex, Publica, Mediachain, Pixsy, Gilgamesh, RecordsKeeper – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain for Land Registry And Asset Tracking Market Size And Forecast | Accenture, Factom, BlockVerify, Applied Blockchain, Digital Asset, Bitfury, Guardtime, Deloitte, ChromaWay, Gemalto – The Daily Vale – The Daily Vale May 25, 2022
  • What Are Web 3.0 Enabled Blockchain Esops And How Are They Different From Regular Esops? – Outlook India May 25, 2022
  • Blockchain in Education Market Size And Forecast | Blockcerts, DISCIPLINA, Gilgamesh, IBM, Learning Machine, LiveEdu, odem.io, Open Source University, Oracle, RecordsKeeper – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain Distributed Ledger Technology (DLT) Market Size And Forecast | Chain Inc., IBM, Accenture, Monax Industries, Intel, Deloitte, Earthport, Microsoft Azure, Digital Asset Holdings – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain-as-a-Service Market 2022 Competitive Expectations with Industry Players – Infosys, SAP, Cognizant, IBM corporation, Amazon, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Blockchain in Logistics Market 2022 Competitive Expectations with Industry Players – SAP, Oracle, Microsoft, Amazon, Maersk, etc – The Daily Vale – The Daily Vale May 25, 2022
  • Uniswap breaks $1T in volume — but has only been used by 3.9M addresses May 25, 2022
  • Could GameFi and carbon currencies reverse blockchain's climate stigma? May 25, 2022
  • CryptoSat’s first nanosatellite blasts off Wednesday on SpaceX rocket May 25, 2022
  • New Luna 2.0 blockchain will not be a fork of Luna Classic – CryptoSlate May 25, 2022
  • Sam Bankman-Fried could spend up to $1B in 2024 to thwart Trump comeback May 25, 2022
  • Crypto, blockchain and NFT firms are bailing out Hong Kong office property segment – South China Morning Post May 25, 2022
  • BSV Global Blockchain Convention Opens With Impactful Speech – Benzinga – Benzinga May 25, 2022
  • ShareRing, A Digital Identity Blockchain Ecosystem, Announces SHR Token Swaps From BNB Smart Chain To – Crowdfund Insider May 24, 2022
  • Low inflation or bust: Analysts say the Fed has no choice but to continue raising rates May 24, 2022
  • All Eyes on Digital Assets EO for Crypto, Blockchain Policy Turns – MeriTalk May 24, 2022
  • Blockchain and Metaverse Legal Issues for the Government and Government Contractors – JD Supra May 24, 2022

Ad

Ad

©2022 o3n [ozone] blockchain layer | WordPress Theme by Superbthemes.com