US Lawmakers Introduce Bill to Impose Sanctions on Iran’s Cryptocurrency
In a bid to fight money laundering and terrorist 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
Ami Rojkes Dombe
| 24/12/2018
bigstockphoto
US regulators are taking a stronger stance against Iran’s plans to develop its own sovereign cryptocurrency, according to a report by futurism.com.
Congress introduced a bill on December 17 called the “Blocking Iran Illicit Finance Act” (H.R. 7321) that threatens Iran with more sanctions in response to activity that could see Iran develop its own national cryptocurrency. The US is worried that the development of such a cryptocurrency could allow Iran to launder money, thereby dodging US sanctions.
Under “Title III – Sanctions With Respect To The Development And Use Of Iranian Digital Currency,” the act prohibits “transactions related to, provision of financing for, and other dealings in Iranian digital currency. […] Sanctions with respect to foreign persons that engage in significant transactions for the sale, supply, or transfer to Iran of significant goods or services used in connection with the development of Iranian digital currency. […] Sanctions with respect to foreign persons that conduct or facilitate significant transactions related to the purchase or sale of Iranian digital currency or maintain significant amounts in Iranian digital currency.”
In a bid to fight money laundering and terrorist 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
bigstockphoto
US regulators are taking a stronger stance against Iran’s plans to develop its own sovereign cryptocurrency, according to a report by futurism.com.
Congress introduced a bill on December 17 called the “Blocking Iran Illicit Finance Act” (H.R. 7321) that threatens Iran with more sanctions in response to activity that could see Iran develop its own national cryptocurrency. The US is worried that the development of such a cryptocurrency could allow Iran to launder money, thereby dodging US sanctions.
Under “Title III – Sanctions With Respect To The Development And Use Of Iranian Digital Currency,” the act prohibits “transactions related to, provision of financing for, and other dealings in Iranian digital currency. […] Sanctions with respect to foreign persons that engage in significant transactions for the sale, supply, or transfer to Iran of significant goods or services used in connection with the development of Iranian digital currency. […] Sanctions with respect to foreign persons that conduct or facilitate significant transactions related to the purchase or sale of Iranian digital currency or maintain significant amounts in Iranian digital currency.”
