US Congress working to stop Iran’s access to cryptocurrencies and bitcoin mining (BTC)

US Congress working to stop Iran’s access to cryptocurrencies and bitcoin mining (BTC)

US Congress working to stop Iran’s access to cryptocurrencies and bitcoin mining (BTC)

Said Zarandi, assistant minister of industry, commerce and supply of Iran, said that the US Congress is working to stop Iran’s access to cryptocurrencies and bitcoin mining (BTC), local news service Al-Fars reported on July 6.

According to Zarandi, the US Congress believes that the cryptocurrency is a tool for evading sanctions and money laundering, and therefore tries to issue laws against Iran’s access to it, which complicates Iran’s legislation.

Commenting that the problem of cryptocurrency in Iran remained unresolved, Zarandi reportedly stated that Iranian ministries are working with the Central Bank of Iran to resolve the issue of cryptocurrency and their use in Iran.

In December 2018, the House of Representatives and the Senate introduced bills aimed at illegally financing Iran, including crypto, as was reported at the time. At the time of printing, neither one nor the other has passed.

In late January, the Central Bank of Iran announced plans to create a national cryptocurrency at a conference in Tehran. Although theoretically it looks like Venezuelan Petro, this new currency PayMon does not seem to be gaining momentum.

The latest news suggests that the Iranian government itself is ambivalent about the mining industry. At the end of June, Iranian authorities reportedly confiscated about 1,000 mining machines used for bitcoins. This followed the announcement by the Ministry of Energy that they plan to cut off electricity for the proposed mining operations using the country’s subsidized electricity, as reported.

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About Viktor Sokolov 88 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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