RATE Group | The U.S. Challenges Iran’s Attempt to Develop a Cryptocurrency
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The U.S. Challenges Iran’s Attempt to Develop a Cryptocurrency

23 Dec The U.S. Challenges Iran’s Attempt to Develop a Cryptocurrency

Posted at 06:04h in Cryptocurrency News by

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More Sanctions

U.S. regulators are taking a stronger stance against Iran’s plans to develop its own sovereign cryptocurrency.

Congress introduced a bill on December 17 called the “Blocking Iran Illicit Finance Act” that threatens Iran with more sanctions 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 Iran to launder money, thereby dodging U.S. sanctions.

A corresponding bill sponsored by Ted Cruz (R-TX) calls for additional sanctions against anybody who could be aiding Iran to develop such a digital currency, including sanctions against any foreign person that might facilitate transactions for the “sale, supply, or transfer” of such a currency.

Existing Tension

And tensions between the U.S. and Iran are already high after the Trump administration decided to withdraw from the Joint Comprehensive Plan of Action (JCPOA) in May 2018. Under the accord, Iran…

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