• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
Iran use crypto to avoid sanctions
Nexo

SWIFT Kicks Out Iran – One Of The 3 Cheapest Countries To Mine Bitcoin

Esther Kim by Esther Kim
4 years ago
in News, Bitcoin, Companies, News teaser
0
Advertisement

The Society For Interbank Financial Telecommunication (SWIFT) has begun blocking access to international transfers for Iranian member banks as new US sanctions take effect.


SWIFT: Block Is ‘Regrettable’

As Reuters originally reported, November 10 marks the first day of action which will see financial institutions cut off from SWIFT, which facilitates cross-border payment instructions to more than 200 countries.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

In a statement at a Paris event November 7, the organization’s chief executive Gottfried Liebbrandt called the action “regrettable” but explained it was being “taken in the interest of the stability and integrity of the wider global financial system.”

Iran is expecting significant turmoil over the reinstallation of the sanctions which had previously gone under the Obama administration.

In a timely reminder of the centralized power of the global banking system, SWIFT appeared to act as an extension of US federal law, despite being based itself in Belgium.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Crypto Sanctions Evasion On Everyone’s Radar

As Bitcoinist has reported, the announcement of new punitive measures against Iran sparked speculation over the potential future role of Bitcoin and cryptocurrencies for the country’s residents.

Authorities had formerly taken a risk-averse approach to the industry, banning banks from serving cryptocurrency businesses in April. More recently, however, talk has turned to the idea of issuing a central bank digital currency as a sanctions avoidance method, while formal regulation is also due.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

Iran Considers State-Issued Cryptocurrency Ahead of Imminent US Sanctions

In a poignant development, lawmakers also formally recognized Bitcoin mining as an industry in September. According to energy price data, Iran is currently the third cheapest country in the world to mine Bitcoin in.

In October meanwhile, the US Treasury’s Financial Crimes Enforcement Network (Fincen), reiterated its concerns cryptocurrency was forming part of evasion policies by Iran.

“Institutions should consider reviewing blockchain ledgers for activity that may originate or terminate in Iran,” it wrote in an advisory.

Institutions should also be aware that the international virtual currency industry is highly dynamic; new virtual currency businesses may incorporate or operate in Iran with little notice or footprint.

The precedent has already been set, notably by Venezuela, which has formerly begun transacting in its government’s notorious state-sponsored national cryptocurrency Petro.

What do you think about SWIFT’s actions against Iranian banks? Let us know in the comments below!


Images courtesy of Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Esther Kim

Esther Kim

Related Posts

bitcoin miners

Bitcoin Miners Sold 5,700 BTC During July, New Report Finds

1 hour ago
Bitcoin

Bitcoin Miner Revenue Slows Down As BTC Price Slumps Sideways

3 hours ago
Crypto

Crypto Markets Have ‘Hit The Floor,’ JP Morgan Says, As Bitcoin Nears $24,000

8 hours ago
Maximalists Could Use A Different Route, Says Bitcoin Core Contributor

Maximalists Could Use A Different Route, Says Bitcoin Core Contributor

8 hours ago
Craig Wright

Craig Wright Uses ‘F’ Word Against Interviewer In Asserting He Invented Bitcoin, During TV Guesting

10 hours ago
Bitcoin Bearish Signal: Leverage Ratio Spikes Up

Bitcoin Bearish Signal: Leverage Ratio Spikes Up

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.