US lawmakers introduce bill to crack down on Iran’s national crypto

December 22, 2018
Chris Wheal

It seems that the relationship between U.S. and Iran has never been tenser than now. Iranian students are denied bank accounts that makes it nearly impossible to pay tuition in the U.S., and economic sanctions cut off a lot of revenue streams for the Iranian government. However, Iranians managed to somehow overcome it with using cryptocurrency. Well, not for long! American lawmakers are coming for it now, too.

iran usa bitcoin

In a fight to combat money laundering and terrorism-related activities, Rep. Mike Gallagher has introduced bill HR 7321 to the House of Representatives. Called “Blocking Iran Illicit Finance Act,” the bill is calling for sanctions against the Iranian financial sector in the wake of development and rise of the Iranian cryptocurrency.

The bill specifically restricts transactions, financing and any other dealings related to the Iranian digital currency. Additionally, it introduces sanctions on foreign individuals engaged in the sale, supply, holding or transfer of the cryptocurrency.

Earlier this month, on December 13th, Gallagher’s fellow Republican, Sen. Ted Cruz introduced a bill that requires a report to Congress on the government of Iran’s progress in developing their sovereign digital currency.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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