Iran Concerns May Be Driving Trump Administration’s Talk of New Crypto Rules

Tensions with Iran could also be behind U.S. Treasury Secretary Steven Mnuchin’s cryptocurrency compliance feedback on Wednesday.

The New York Instances reported the Trump administration “has expressed rising concern” that this expertise is getting used to “evade American sanctions on nations like Iran.”

Earlier this week, the Parliament of Iran Analysis Middle printed a report suggesting cryptocurrency mining licenses issued in January may generate new tax income and bureaucratic charges. A associated proposal by the identical government-run heart recommended this might carry the federal government upwards of $1 billion in annual income from the home cryptocurrency mining business, which is estimated to be valued at $8.5 billion. 

The report additionally recommends allocating a portion of the Iranian authorities’s 2021 price range to cryptocurrency mining, although the specifics of that proposal are unclear.

Briefly, if the Trump administration is making an attempt to starve the Iranian regime into submission, bitcoin (BTC) could give the Islamic Republic a lifeline.

Mnuchin’s feedback come days after the Trump administration proposed rising the Treasury Division’s 2021 price range for cryptocurrency oversight. In 2019 alone, varied U.S. authorities businesses spent $5 million on blockchain analytics companies from Chainalysis. 

In July, Mnuchin referred to Fb’s proposed Libra stablecoin as a “nationwide safety concern,” citing issues about terror financing and cash laundering.

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The chief in blockchain information, CoinDesk is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial insurance policies. CoinDesk is an impartial working subsidiary of Digital Forex Group, which invests in cryptocurrencies and blockchain startups.

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