Rising Regulations of Cryptocurrency
According to Jon Purizhansky from Buffalo, NY illicit use of crypto currencies is on the rise globally and nation states, including Iran and North Korea are taking advantage of that. For example, the US has imposed heavy sanctions on Iran. Iran, in turn, is doing all it can to evade these sanctions by using crypto currencies. But the U.S. Financial Crimes Enforcement Network (FinCEN) is not happy with Iran’s use of cryptocurrencies to bypass the sanctions. Due to US restrictions on Iran, the country was slapped with a universal prohibition from acquiring US dollar banknotes. However, Iran went ahead and released their plans to launch the country’s own state backed cryptocurrency. According to the US, Iran’s crypto activities pose a significant threat to financial institutions across the world. Jon Purizhansky says that according to the FinCEN directive, despite Iran’s Central Bank’s ban on domestic financial institutions from trading in cryptocurrencies...