New US economic sanctions lead to more Iranian crypts leaving the Islamic Republic

US-Leads New-economic-sanctions-in-a Withdrawal

New economic sanctions in the United States lead to the withdrawal of more cryptograms from Iran

In an announcement by the United States government, new economic sanctions they have been set up to prevent most of the world from using many of Iran's major resources, including their oil, shipments and gas market. Their financial system is included in these sanctions, and there are only eight countries that are exceptions to the sentence.

This is not the first round of new sanctions that have had a negative impact I came across. In May of this year, President Donald Trump turned away from the relationship the Obama administration had with Teheran, turning to aviation, currency, and other sectors in Iran. Whenever any kind of sentence is established against the Iranian financial system, it directly damages their ability to trade with that nation.

As a result of the prohibitions established by the Trump administration, there are many exchanges of cryptocurrencies withdrawing from the financial economy in Iran. In this way, they maintain a relationship with the United States and other countries that accept cryptocurrency. Although the links between Iran and the exchanges are not official, some of the projects that have withdrawn include both Binance and Bittrex.

IBENA, a news agency in Iran that is connected with their central bank, spoke with Sepehr Mohammadi, who is the president of the Blockchain Association in Iran. In an interview, Mohammadi said,

"Some exchanges of virtual currencies have imposed restrictions on Iranian users, but no assets belonging to the Iranians have been blocked".

Basically, even if investors still hold digital assets, they can not do business without going into an internal market that is not in Iran. So far, a complete list of trades that refuse to interact with Iran has not been disclosed to the public.

When the first round of sanctions took place, Mohammadi commented in July that the US president was harming the growth of their digital currency industry in the country. He also accused the administration of having taken $ 6 million in BTC of Iranian property, adding,

"Last year (2017), the significant volume of bitcoins that belonged to some Iranians was confiscated due to non-specific US federal government reasons, and the confiscation process continues".

At that time, Iranian citizens affected by the confiscated funds were unable to act, because Iran had a ban on cryptocurrency as a whole. After the sanctions were applied by the US government, they lifted the ban.

During the new sanctions announcement, US Secretary of State Mike Pompeo clearly warned companies trying to "steal" them. He said:

"It should be noted that if a company escapes our sanctions regime and secretly continues the sanctionable trade in the Islamic Republic, the United States imposes severe and rapid sanctions on it, including potential sanctions.I promise you to do business with Iran. challenging our sanctions in the end will be a much more painful business decision than not completely extracting from Iran ".

I came across is known as one of the top 3 oil producers in the world, so it is confident that they can enter into an agreement with cryptocurrencies to compensate for continued relations in the country. Cryptocurrency offers "great opportunities" to the public, second Brigadier General Gholam Reza Jalali, head of the Civil Protection Organization of Iran. This could suggest that Tehran is working on a cryptocurrency that will work at the state level, apart from the United States.

when Jalali he talked to state media last month, he simply explained,

"Cryptocurrencies can help overcome certain penalties through untraceable banking transactions".

If they create a new cryptocurrency for the state, they would also be plotted on the blockchain, but they would not require mining operations. So far, the Iranian government has already approved plans for the extraction of cryptocurrencies, in case it becomes a necessity.

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