RATE Group | Cryptocurrencies could help evade U.S. sanctions on Iran – Axios
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Cryptocurrencies could help evade U.S. sanctions on Iran – Axios

24 Aug Cryptocurrencies could help evade U.S. sanctions on Iran – Axios

Posted at 14:41h in Cryptocurrency News by

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Iranian cryptocurrency developers have created a blockchain platform, IranRescueBit, to facilitate aid donations in Bitcoin, Ethereum and Litecoin — a move that threatens to undermine sanctions at the center of the Trump administration’s “maximum pressure” campaign.

Why it matters: The platform’s purported aim is to circumvent U.S. sanctions that prevented international donations from reaching the Iranian Red Crescent Society following damaging spring floods in Iran, but its scope appears likely to expand.

Where it stands: Iran could leverage cryptocurrencies, crypto exchanges and brokerages, and other cryptocurrency applications to evade sanctions and ease the financial strain on Iranian companies.

  • Yes, but: The U.S. Treasury Department announced in November 2018 that it is targeting cryptocurrency exchangers associated with Iranian cyber actors.
  • Meanwhile, the global cryptocurrency industry hopes to shed the perception that its applications and platforms are used by cyber criminals…

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