Republican lawmakers have introduced legislation in the U.S. Congress that aims to prevent Iran from side-stepping international sanctions via the use of cryptocurrency.
The U.S. has imposed sanctions on Iran since 1979 but under President Trump sanctions were tightened earlier this year. Iran announced a few months earlier that it was developing a sovereign cryptocurrency that U.S. officials fear could be used to avoid sanctions.
The Blocking Iranian Illicit Finance Act would, among other steps, would make it illegal for U.S.citizens and businesses to engage in transactions related to an Iranian digital currency. The Act also would extend sanctions to non-U.S. citizens and businesses that assist Iran in development of a cryptocurrency or engage in significant transactions involving an Iranian cryptocurrency.
“This important legislation would empower the United States and our like-minded allies to do more to end the Iranian government’s ability to illicitly finance its dangerous efforts to sponsor terrorism and militancy, to advance its nuclear and missile programs, to egregiously abuse human rights in Iran and abroad, and to suppress the Iranian people’s aspirations for self-determination,” said Republican Sen. Marco Rubio of Florida in a news release.
The legislation was introduced in the Senate by U.S. Sen. Ted Cruz of Texas and in the House by Rep. Mike Gallagher of Wisconsin. The bill is HR-7321 in the House and S.3758 in the Senate.
