Sunday, August 25, 2019

USA Sanctions Will Disrupt Cryptocurrency Trading In Iran

The USA sanctions will disrupt cryptocurrency trading in Iran, as some exchanges have already expressed that they won’t continue servicing Iranian customers. This as a consequence of the tightening of the sanctions applied by the USA. According to experts, the cryptocurrency market will be severely affected, limiting it to only local trading. 

USA Sanctions Will Disrupt Cryptocurrency Trading In Iran

The tightening of USA sanctions will disrupt cryptocurrency trading in Iran according to reports from local cryptocurrency community. The situation is quite dire for the cryptocurrency community that does business there because as a part of this set of sanctions most US-based cryptocurrency exchanges would stop functioning for Iranian citizens.

This new situation will put the country in a secluded state from all cryptocurrency exchanges that have ties with the government of USA. Talking with a local news outlet called IBENA, the head of Iran’s Blockchain Association Sepehr Mohammadi said that he had known that Binance and Bittrex had unofficially removed Iran as a country listed to receive their services. Other USA based exchanges like Coinbase would follow this path eventually.

The sanctions also contemplate the seizure of assets from Iran in the USA, but Sepehr Mohammadi also declared that, for the time being, assets from Iranian people have not been seized. The next weeks will be crucial to see what happens.

Not The First Time

If officials from the USA government commanded exchanges to turn in cryptocurrencies from their Iranian customers, it would not be the first time that it happens. According to statements made by the same Sepehr Mohammadi earlier this year, the USA government had seized more than 500 bitcoin that belonged to Iranian citizens without justification.

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At that time, he also declared that without having been explained the reason for the confiscation, he believed that it could be because the government believed that they were being used to circumvent economic sanctions. Nothing could be done then because cryptocurrencies were not legal in Iran at that time. But now that the cryptocurrency business has a different status, things could be different.

As a result of this whole matter escalating, USA is expected to seclude Iran from payments from all the world. Earlier this year, the government of Iran considered creating a national cryptocurrency to help them deal with the situation and circumvent the sanctions that were active at that time. But these sanctions have aggravated and the project has not crystallized yet.

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