United States lawmakers have introduced a bill imposing new sanctions on Iran’s efforts to develop and use its own cryptocurrency.
The move comes in context of the Trump administration’s decision in May 2018 to withdraw from the Iran nuclear deal or Joint Comprehensive Plan of Action (JCPOA).
HR 7321 was introduced in the House of Representatives by Rep. Mike Gallagher on Dec. The proposals call for sanctions against those who knowingly provide Iran with funding, services or “technological support, used in connection with the development of Iranian digital currency.”
Cheap electricity in the Islamic Republic has made Iran a hot destination for bitcoin mining farms. Earlier this week an Iranian government official talked up the positives of embracing blockchain.