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.
Crypto Exchanges In Bulgaria Are Investigated: Government Asks For 10% On Profits
Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
The Revenue Agency Of Bulgaria Will Investigate Crypto-Selling Companies
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