Will Re-Ignited U.S. Sanctions on Iran Drive the Country to Cryptocurrency?-5.58

For a technological innovation that ceased to exist a decade ago, the relationship between geo-political events and cryptocurrencies is somewhat uncanny. Whether it’s Venezuela and their controversial Petro Coin, the Marshall Islands installing a legislative framework for the issuance of their own digital tender or the North Korean regime utilizing blockchain technology to fraudulently raise capital – more and more nations are in some way looking at the digital phenomenon to move away from the traditional monetary system.

Next in line – as per a recent guidance notice issued by FinCen – the U.S. based enforcement agency responsible for financial intelligence, could be Iran. In response to Donald Trump’s decision to re-distribute international sanctions on the nation, the report believes that the Iranian government may attempt to use cryptocurrencies as a means to circumvent the embargo.

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