A preliminary legislative outline which is intended to impede Iran’s efforts to create a supreme virtual currency has been presented to the U.S. Congress. The “Blocking Iran Illicit Finance” Act forbids companies and citizens of the United States from carrying out any transaction or dealings using Iranian digital currency. Also, the ban imposes dire sanctions against any foreign nationals or organizations supporting the growth of the crypto.
U.S. Congress Group Sponsor Anti Iranian Crypto Bill
Some members of the House of Representatives, led by Wisconsin Republican, Mike Gallagher sponsored the bill. The major aim of the bill is to lay down new laws related to Iranian financial institutions and organizations and to improve already existing U.S. regulations which are related to some activities. Gallagher and the others also introduced actions which are supposed to hinder Iran from the issuance of its own digital currency in order to avoid economic penalties put in place by the U.S.
Principally, the bill prohibits the use of Iranian digital currency during any dealings and transactions within the U.S. It also recommends punishments for U.S. citizens and corporate individuals as well as foreign nationals and companies providing material, technological, and financial assistance towards the growth of the Iranian crypto. Penalties will also be issued against any personnel or company who carry out or bring about any transaction which is related to the buying and selling of the cryptocurrency. This also goes for those that keep notable amounts of the coins.
The content of the draft law states that:
“All transactions related to, provision of financing for, and other dealings in Iranian digital currency by a United States person or within the United States are prohibited.”
It also details the punishments which may be meted out to offenders who are based overseas.
The Secretary of the Treasury has been given the job of submitting a progress report by the authors of the bill.