A Proposal in the U.S. Congress to Sanction Iranian Cryptocurrencies

Recently, a proposal has been introduced in the U.S. Congress that takes a hard stance on Iran's efforts to create a cryptocurrency (or virtual/digital currency). According to 'CoinDesk', a major news website in the field of cryptocurrencies and blockchain, regulators of this type of bill in the United States have warned in recent months that the Iranian government is seeking to implement a state cryptocurrency, similar to 'Petro' in Venezuela, to evade economic sanctions. Parts of the bill known as 'Blocking Iran's Illicit Financial Activity', introduced by Republican Representative Mike Gallagher, call for a report on Iran's efforts to establish a state cryptocurrency or virtual currency. CoinDesk reported on Friday under the title 'U.S. Lawmakers Seek Sanctions Against Iran's Cryptocurrency Efforts' that a related bill has been submitted in the Senate by Republican Senator Ted Cruz. According to this report, these proposals call for sanctions against individuals who knowingly provide financial resources, services, or 'technological support related to the creation of an Iranian digital currency' for Iran. The report notes that this move is part of the Trump administration's decision last May to withdraw from the Iran nuclear deal (JCPOA). CoinDesk also refers to a statement by Republican Representative Mike Gallagher, who described the withdrawal from the JCPOA as only the first step in increasing pressure on the Islamic Republic, stating that there is now an important opportunity to apply maximum economic pressure and weaken the Islamic Republic's ability to export violence throughout the region. He continued that this bill effectively cuts the Islamic Republic off from the international financial community, which is precisely what it aims to do. CoinDesk points out that Iran has been in the news in recent weeks due to several issues related to virtual currency; earlier, a government official from Iran spoke about the positive aspects of adopting blockchain technology. Blockchain is the technology for encrypting and recording cryptocurrency transactions and is essentially the accounting framework for virtual or digital currency transactions. Additionally, cheap electricity has made Iran a hot destination for Bitcoin mining operations. Meanwhile, new U.S. sanctions have trapped Iranian Bitcoin traders. Bitcoin is the first, largest, and most expensive virtual or digital currency in the world. Virtual or digital currency, or cryptocurrency, refers to currency units used for financial transactions, commercial exchanges, and buying and selling in the internet and virtual space. In this context, the U.S. has sanctioned two Iranians in connection with 'SamSam ransomware' and converting Bitcoin to rials. The Central Bank of Iran has banned the use of virtual currencies. Iran: Following Malaysia and Venezuela in offering digital currency? The price of Bitcoin fell below $10,000 on Wednesday. The price of Bitcoin surpassed $11,000. Severe government repression and the risk of 'underground' protests. What doctors and eyewitnesses recount about the injured in the protests. The limitations of relations between China and Iran have become apparent amid the protests.