US Law To Prevent Creation Of Iranian Cryptocurrency
A bill that hinders the creation of Iranian national cryptocurrency and introduces sanctions against foreign firms and individuals supporting the development of the country's cryptocurrency sphere was submitted in the US Congress. The document is published on the official website of the Parliament.
The regulation was submitted by a group of congressmen led by Mike Gallagher, a Republican from Wisconsin. The chief purpose of the law is to introduce a range of restrictions on Iranian financial institutions. Besides, the creators of the bill suggest measures that will prevent Iran from issuing its digital currency to circumvent the sanctions imposed by the US.
All monetary transactions with any token that can be referred to as “Iranian digital currency” will be prohibited. Fines are imposed against American and foreign enterprises and persons who provide financial and technological assistance to the eastern state in creating a digital asset. Sanctions will be imposed on the companies helping to conduct monetary transactions with Iranian cryptocurrency or storing it in large quantities.
Foreign citizens and companies may be subject to additional restrictions. These measures include a ban on opening bank accounts and making any real estate operations in the US. Moreover, foreigners may be denied a visa.
During the four months from the day the law came into force, the US Treasury Secretary should prepare a report on the progress achieved by Iranian experts in the creation of the crypto. Also, various interested individuals and institutions that provide assistance to Iranians, as well as the governments of China, Russia, Venezuela, and Turkey, should be assessed.
As previously reported, the Binance crypto exchange has ceased its operation in Iran following the American sanctions.