According to reports, many exchanges have cut ties with Iran due to the tightening of sanctions imposed by the United States on Iran. The head of the Iranian blockchain community, Sepehr Mohammadi, said in an interview with the media that some exchanges, including Binance and Bittrex, have stopped serving users in Iran.
Exchanges impose restrictions, but assets are not blocked
On November 5, the United States announced to strengthen economic sanctions against Iran, involving Iran's oil, shipping, natural gas, finance and other fields. Only eight countries have been exempted. In May, U.S. President Donald Trump announced his withdrawal from the agreement signed by the Obama administration with Iran. Measures taken against the financial system would block Iran's foreign trade. The first round of sanctions imposed in May targeted Iran's currency, aviation industry and other sectors.
According to IBENA, a news agency affiliated with the Central Bank of Iran, Mohammadi said that “some virtual currency exchanges have imposed restrictions on Iranian users, but Iranians’ assets have not been blocked.†These measures mean that Iranian residents will not be able to participate in cryptocurrencies abroad. Transactions can only be traded in the domestic market, and the Bitcoin premium in the domestic market is much higher than the global average price. It is unclear which other exchanges have stopped serving Iranians.
This is not the first time that Iran’s cryptocurrency industry has been hit hard by U.S. economic sanctions. After the first round of U.S. sanctions in July, Mohammadi accused the Trump administration of curbing the development of Iran’s digital currency industry, saying the U.S. government confiscated about $6 million in BTC from Iranians. He went on to say: Last year (2017) a large number of Iranians’ bitcoins were confiscated by the US federal government for no reason. This situation still exists.
The chairman of Iran’s blockchain community said at the time that holders of confiscated BTC could not take legal action against the United States due to the country’s ban on cryptocurrencies. Iran’s central bank banned Iranian banks from processing cryptocurrency transactions overseas in April, citing risks of money laundering and terrorism, but reversed the decision after assessing the full impact of the sanctions.
After the sanctions were announced on Monday, U.S. Secretary of State Mike Pompeo warned: "If companies circumvent our sanctions and continue to trade with Iran in sanctioned areas, the United States will quickly impose severe penalties, even Sanctions. I guarantee that continuing to trade with Iran in defiance of our sanctions will be a more painful business decision to withdraw from Iran altogether.â€
State-backed digital currency
Iran, the third largest oil producer in the world, wants to use cryptocurrencies to compensate for the petrodollar crunch caused by economic sanctions (economic sanctions intended to cut off Iran’s lifeline, oil exports). Brigadier General Gholam Reza Jalali, head of Iran’s Civil Defense Organization, spoke about the “huge potential†of cryptocurrencies, seen as the latest sign that Tehran is developing a national cryptocurrency.
“Cryptocurrencies can circumvent certain sanctions through untraceable banking operations,†Jalari said in an interview with Chinese media in October. He also stressed the need to develop a national cryptocurrency that can be used when necessary. Similar to Bitcoin, transactions in the national cryptocurrency are carried out on the blockchain, but the public cannot participate in mining because the chain would be privatized. Iran approves plans to mine for national benefit.
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