Iran Is Using Bitcoin Mining To Lessen Effect Of Sanctions, New Study Reveals

Iran is using Bitcoin mining to circumvent and lessen the effect of the economic sanctions that the U.S. and other countries have applied to the country since 2006, according to a new study by Elliptic, a blockchain analytics and financial crime compliance firm. The country is indirectly using bitcoin mining to export part of its energy reserves, whose exports are being hampered by the said sanctions. Report: Iran Is Using Bitcoin Mining to Circumvent Sanctions Iran is leveraging bitcoin (BTC) as a tool to circumvent and lessen the impact of the harsh sanctions that the country is facing,....

Economic sanctions against Iran have been lifted, but some sanctions still apply. A pair of attorneys at the global Pillsbury law firm claim that screening rules still exist when trading with Iran, which means complications for anyone in the U.S. and European Union (EU) doing bitcoin transactions with parties in Iran, according to City A.M., a London, U.K. newspaper. Attorneys Steven Farmer and Matthew Oresman claim some EU and U.S. financial sanctions remain in place against certain Iranian individuals and businesses. (The lawyers are both sanctions experts and Farmer is also a bitcoin....

Venezuela is reportedly paying companies in allied countries, including Iran and Turkey, with bitcoin to mitigate the effects of U.S. sanctions on its economy. The Venezuelan government is also planning to increase bitcoin usage now that it has a dedicated cryptocurrency mining center. Venezuela Uses Bitcoin to Pay for Imports Venezuela has been using bitcoin to pay for imports from allied countries, local news outlet Runrun.es reported this week. The government of President Nicolas Maduro is also planning to increase its usage of bitcoin in trade now that the Venezuelan Army is actively....

Nations like Russia and Iran may utilize cryptocurrency mining to monetize their energy resources and circumvent sanctions, the International Monetary Fund predicts in a report. Repercussions of the war in Ukraine continue to reverberate globally and cryptoization is one of the effects, the IMF says. War, Sanctions Lead to Wider Spread of Crypto Assets, Report Indicates The consequences of the ongoing military conflict in Ukraine will test the resiliency of the global financial system, may affect the role of the U.S. dollar, and lead to the establishment of blocs of central bank digital....

As Iran plans to scrap the use of US dollar as reserve currency, there are speculations of it being replaced by Bitcoin. Iran could pave the way for the adoption of Bitcoin as a foreign reserve currency. The reports of Iran moving away from US dollar as the preferred reserve currency in retaliation to the travel ban issued by Trump administration has led to this speculation. Until recently, Iran has been under sanctions for its nuclear program. With the sanctions relaxed last year, there were signs of trade and diplomatic relations between Iran and the United States returning to normalcy.....