The sanction wave seems to be never-ending for Iran since in our latest crypto news we can see that the United States lawmakers introduced another bill for even more sanctions on all of the financial institutions in Iran but also for the use of the national digital currency.
The bill was introduced on December 17 in the House of Representatives with hopes to combat money laundering and terrorism activities. According to the bill ‘’Blocking Iran Illicit Finance Act’’ wants to sanction the entire Iranian financial sector.
The sanctions mean prohibition of transactions and financing with the Iranian digital currency but also sanctions for foreign individuals that sale, supply or hold the digital currency.
First introduced, the sanctions were meant for the nuclear program in Iran in 2005 and the sanctions affected the financial sector of the country by forbidding financial institutions of Iran to access the US financial system directly.
However, the sanctions were lifted in 2015 when the country agreed to meet the standards of the nuclear program that were set out by the International Atomic Energy Agency in the Joint Comprehensive Plan of Action.
President Donald Trump decided to withdraw from JCPOA in May 2018 thus sanctions towards Iran were reintroduced.
Many of the people in Iran now try to find a way to avoid sanctions and the solution most commonly chosen is cryptocurrency. The head of the Iranian Parliamentary Commission for Economic Affairs Mohammad Reza Pourebrahimi believes that cryptocurrencies are a very promising tool to avoid the US sanctions and hopefully replace the SWIFT system.
Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
“We believe that in the long-term, more regulation will follow, as soon as the legislation catches up with the technological developments of the space. We believe that within this new regulatory environment, companies without the necessary licenses will have a limited ability to serve clients with the full spectrum of high quality, innovative crypto-financial products and solutions.”The announcement is hot in the altcoin news - where the company said that the preemptive licenses will expand the number of regulated services and products it can offer - as “more and more crypto assets and services fall under securities and banking law.” Currently, many best cryptocurrency news sites show that a securities dealer license would enable the company to trade crypto tokens that have been classified as securities by the financial regulator. As they said, this would include their own stablecoin, the Swiss Crypto Franc. In May this year, SIX (the Swiss national stock exchange group) announced that it was developing the CHF Stablecoin which will be pegged to the Swiss franc. The news now positively affects the Swiss crypto broker Bitcoin Suisse from many perspectives and creates a competition in the crypto environment in Switzerland. This is not to say that Swiss regulations are overly burdensome.
“The regulatory industry in Switzerland is very crypto-friendly. The Federal Council as well as the FINMA are pursuing a very constructive approach that fosters innovation in the long-term,” a company representative from the Swiss crypto broker concluded.
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
G7 Approves The Japan Crypto-Based SWIFT Alternative
India Will Ban Cryptocurrencies But Not The Digital Rupee
“No person shall mine, generate, hold, sell, deal in, issue, transfer dispose of or use cryptocurrency in the territory of India.’’Sethi described the new document as ‘’the proposed Banning of cryptocurrency and regulation of Official digital currency bill 2019.’’ He noted that the bill is not drafted yet completely and is tabled in the parliament to become an Act without modifications. The punishment for those who will go against the law includes prison sentences up to 10 years long. As noted, India will ban cryptocurrencies since now they are sitting in a grey area. Since last year, the banks prohibited serving the industry business with services involving cryptocurrencies and they also refused to provide services for exchanges which led to many companies leaving the country while others shut down. In the absence of the decent regulation, some remained hopeful and believed in a positive outcome in the long term as the opponents of the banking ban even sued the Reserve Bank of India over the decision. India still appears to go even further than China but it is still unclear how the authorities will enforce a ban on an entity which is not under their direct control. The issue comes in a very important time as the US government is starting to grip the realities of decentralized networks. During the press conference on Monday, the Treasury Secretary Steven Mnuchin noted his desires to combat the role of cryptocurrencies in illicit activities while noting the words of the US President Donald Trump who described bitcoin as being based on thin air as noted in the coming altcoin news.
Join us on Facebook
- XRP Support Built Around The $0.2830 Level: Will Ripple Rise?
- Grin Cryptocurrency Just Executed Its First Hard Fork
- Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point
- Swiss Crypto Broker Bitcoin Suisse Applies For New Licenses
- Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News2 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Bitcoin News4 days ago
Indian Police Rescues Two BTC Traders From Two-Week Long Captivity
Press Releases3 days ago
Liechtenstein Financial Market Authority Approves State-of-the-Art Tokenized Real Estate Investment Product
Altcoin News2 days ago
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
Altcoin News5 days ago
Dogecoin Surged 40% After Binance Exchange Listing
Bitcoin News3 days ago
Possible Bear Trap Leads Market To New Gains, BTC Eyes $11,000
Bitcoin News3 days ago
Bitcoin Newsflash: BTC Crashes Below $10,000 While The Market Plunges
Altcoin News5 days ago
Tether Keeps On Churning As 50 Million Tokens Enter The Market