Details of the new US sanction on the pretext of using cryptocurrencies

Parto Avazpour
Written by Parto Avazpour

US Congress submitted a bill in response to activity that could see Iran develop its own national cryptocurrency. The U.S. is worried that the development of such a cryptocurrency could allow the country to launder money, thereby dodging U.S. sanctions.

Analysis and Evaluation

Andishkade Tabyin center wrote about America’s new sanctions:

1- The new Sanction bill, formally known as Blocking Iran Illicit Finance Act, will probably be registered after some reforms.

2- This will boycott Iran against money laundering, directly for the first time.

3- This bill has considered some of the Financial Action Task Force’s reports.

4- The new sanction bill aims at preventing Iran from creating cryptocurrencies. US secretary of the treasury department will be responsible for presenting a report about cryptocurrencies created by Iran to the house of representatives every 120 days.

5- Cryptocurrencies have the potential to neutralize sanctions. Venezuela has already experienced this method to moderate the effects of financial sanctions.

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Parto Avazpour

Parto Avazpour

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