Tuesday , January 19 2021

Iran, Venezuela, Russia try to avoid sanctions against national cryptoscripts CriptoNoticias

The governments of the world have recognized the importance of decentralized cryptoactives and cryptoscopes over the last two years, since it is increasingly difficult to ignore the ecosystem operated by Bitcoin.

Some countries have adopted strategies for developing national blockages, while others are interested in the decentralized nature of cryptoactive as a possible way to stop dependence on the traditional financial system. The governments of Ireland, Russia and Venezuela, where there are economic sanctions from several countries, have begun projects for issuing their own national crypts.


The Islamic Republic of Iran, which the US government has strongly sanctioned over recent weeks, reported months ago about intentions to launch a national crypt. In this announcement, made in July this year, Iran's Sector for Management and Investment Affairs said the purpose was to facilitate the "transfer of money to any part of the world", as a way to face sanctions by Donald Trump.

The proposal of the "endogenous" cryptovalute is directed by the Central Bank of the country and the Directorate of Technology and Scientific Affairs of the Presidency. None of these two state bodies have pronounced algorithm, mining or network consensus features that propose launch. However, a confidential confidential document ensures that the Iranian national cryptosystem value will be based on Blockchain for Hyperledger Fabric and will not be degradable.

According to this document refers to local media through Saeed Mahdiun, director of corporate computer services, it is envisaged that cryptomacy will function as a "card and instrument of exchange payments" and later, as a "low-income instrument in the country".

Until now revealed data suggests that, like other national crypto projects, the Iranian sign will be of central nature. Similarly, it is not known that issuing this cryptoactive asset would have helped the local government precisely to avoid US financial sanctions.

The US Treasury Department, through the Financial Crime Control Network (FinCEN), warned that Iran uses cryptic currencies to avoid US economic sanctions and "distort" the US financial system.

In that sense, FinCEN has released a document of 19 pages to "help financial institutions discover" and report "potentially illegal transactions related to Iran". Such measures are based on the fact that Trump Management believes that the Iranian regime is a threat to the US financial system.

Also, within Iran, the regulatory landscape is confusing because mining crypto-valence is recognized as an activity commercially within the territory at the same time as bitcoin trading is forbidden.

Recall that from April this year, the central bank of Iran (CBI) forbade the use of bitcoin as a money laundering tool. This measure has led to the loss of bank support to state-owned retail outlets, as all regulated financial subjects for dealing with cryptovalute transactions are banned.

The ban on trade has not eliminated the bitcoin market in Iranian Reason. Bitcoin is still traded on peer-to-peer platforms such as LocalBitcoins, which still help Iranians to mitigate a high rate of inflation your local economy. However, a new round of sanctions imposed on Iran has not affected the crypto market.

November 7 last year Binance and Bittrex exchange houses stopped providing services to the citizens of Iran. According to Sephr Mohammadi, Chairman of the Iraklion Blockchain, the decision of these stock exchanges – and others not mentioned – seriously restricts the crypto market in that country.


Thinking about national cryptoturism as a "a useful tool"In order to avoid the financial sanctions imposed by the European Union and the United States, Russia proposes to create a national cryptovalute for two years.

Temporarily called as and cryptorublo, Russian cryptomy is intended as a way for Russia to agree with payments with its trading partners and to reduce the United States' influence on its economy.

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