RATE Group | Iran’s Use of Bitcoin to Avoid Sanctions May Fuel U.S. Regulatory Crackdown
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Iran’s Use of Bitcoin to Avoid Sanctions May Fuel U.S. Regulatory Crackdown

19 Jul Iran’s Use of Bitcoin to Avoid Sanctions May Fuel U.S. Regulatory Crackdown

Posted at 00:55h in Bitcoin News by

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The crypto markets have been flooded with a torrent of news regarding how top government officials in the US feel about Bitcoin (BTC) and cryptocurrencies, with U.S. President Donald Trump saying that he is “not a fan” while his Treasury Secretary, Steve Mnuchin, explained that crypto is a “national security” issue.

Now, countries that are under heavy sanctions from the US are increasingly turning to Bitcoin in an effort to bypass these sanctions, which may fan the flames that move US regulatory authorities to implement heavy regulations on the crypto markets.

Iran Turns to Bitcoin as Sanctions Mount

It’s no secret that Iran is one country that has been subjected to a deluge of sanctions that have suffocated its economy. Although the Middle Eastern country had made some progress to have some of these sanctions lifted under the Obama administration, much of this was undone in the past few years under the Trump administration.

Many policy experts and officials within the US…

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