Iran’s Cryptocurrency To Face Sanctions Imposed By US Lawmakers In HR 7321 Bill Proposal
Iranian National Crypto To Face Sanctions Imposed By US Lawmakers
A number of western governments and international human right groups have increased pressure on the Islamic Republic of Iran over their systemic violations of human rights. Last week, the US Congress passed its 18th resolution condemning the Iranian regime’s record of arbitrarily detaining and otherwise discriminating against members of the Baha’i faith and other religious and ethnic minorities.
The bill was introduced which amongst numerous other things wanted Iran to stop their efforts in developing their own cryptocurrency. The move follows the Trump administration’s decision in May 2018 to withdraw from the Iran nuclear deal or Joint Comprehensive Plan of Action (JCPOA).
The act bans transactions, financing or other dealings related to Iranian national crypto. People who foster sale, supply, and transactions will also face sanctions. Ted Cruz’s proposed act, which followed the main act specified the details of the national crypto ban in details.
Rep. Mike Gallagher, who also introduced the bill said:
“Withdrawing from the JCPOA was only the first step in ratcheting up pressure on the Iranian regime. We now have an important window to impose maximum economic pressure and degrade the Iranian regime’s ability to export violence across the region. This legislation does exactly that by effectively cutting Iran off from the international financial community.”
Other backers of the proposal in the Senate include Republican U.S. Sens. Tom Cotton of Arkansas, Thom Tillis of North Carolina, Cory Gardner of Colorado, Cindy Hyde-Smith of Mississippi and Todd Young and Indiana.
Cryptocurrencies are especially favored in counties that face the threat of US sanctions along with its allies such as Russia, Venezuela, Turkey, and China. Earlier this week BitcoinExchangeGuide had reported that Iran is still lucrative amid US sanctions and crypto bear market conditions. Cryptocurrency mining is legally accepted in the country, but it is not regulated. Quite curiously, crypto trading is currently illegal, so only mining is actually allowed. Some Iranian people, including students abroad, are using cryptocurrencies to avoid U. S. sanctions.