• 23 December 2018 - 10:39
  • News Code: 95001

A few days ago, Rep. Mike Gallagher (R-Wisc.) introduced a bill that attempts to prevent Iran from advancing in its efforts to create a cryptocurrency.

The U.S. government seems determined to avoid at all costs that countries with which it does not have the best diplomatic relations, can develop a cryptocurrency, or at least fails in their attempts to innovate in the development of blockchain technologies to improve their financial infrastructure, ethereum world news reported.

The “Blocking Iran Illicit Finance Act” contains in its body a series of sanctions against Iran that follow the line strengthened after Trump’s decision to withdraw from the Joint Comprehensive Plan of Action (better known as the Iran Nuclear Deal).

Sanctions With Respect to the Development and Use of Iranian Digital Currency” is specifically developed to avoid any type of activity involving the use of an Iranian cryptocurrency, regardless of whether its purpose is legitimate or not:

“All transactions related to, provision of financing for, and other dealings in Iranian digital currency by a United States person or within the United States are prohibited.”

According to Bill, President Trump would have the fullest powers to establish a minimum of 5 sanctions (with no set maximum) for anyone who uses Iranian cryptocurrencies as a means of payment for goods and services.


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