---
title: "The U.S. Challenges Iran’s Attempt to Develop a Cryptocurrency"
description: "Congress just introduced a bill calling for sanctions against Iran's efforts to develop its own national cryptocurrency."
date: "2018-12-22"
modified: "2018-12-22"
authors:
  - name: "Victor Tangermann"
    job_title: "Senior Editor"
    link: "https://futurism.com/authors/victor"
url: "https://futurism.com/us-congress-iran-sanctions-cryptocurrency"
categories:
  - "Blockchain"
  - "Cryptocurrency"
  - "Future Society"
tags:
  - "blockchain"
  - "congress"
  - "cryptocurrency"
  - "iran"
---

# The U.S. Challenges Iran’s Attempt to Develop a Cryptocurrency

![Congress just introduced a bill calling for sanctions against Iran's efforts to develop its own digital currency.](<https://futurism.com/wp-content/uploads/2018/12/us-congress-iran-sanctions-cryptocurrency.jpg>)
*\<em\>Image: \<a href="https://www.flickr.com/photos/adam_jones/7421182372" target="\_blank"\>Adam Jones\</a\>\</em\>*

## More Sanctions

U.S. regulators are taking a stronger stance against Iran's plans to develop its own sovereign cryptocurrency.

Congress introduced a [bill](<https://www.congress.gov/115/bills/hr7321/BILLS-115hr7321ih.pdf>) on December 17 called the "Blocking Iran Illicit Finance Act" that threatens Iran with more sanctions in response to activity that could see Iran develop its own national cryptocurrency. The U.S. is worried that the development of such a cryptocurrency could allow Iran to launder money, thereby dodging U.S. sanctions.

A [corresponding bill](<https://www.congress.gov/bill/115th-congress/senate-bill/3758/text>) sponsored by Ted Cruz (R-TX) calls for additional sanctions against anybody who could be aiding Iran to develop such a digital currency, including sanctions against any foreign person that might facilitate transactions for the "sale, supply, or transfer" of such a currency.

## Existing Tension

And tensions between the U.S. and Iran are already high after the Trump administration decided to withdraw from the [Joint Comprehensive Plan of Action](<https://www.bbc.com/news/world-middle-east-33521655>) (JCPOA) in May 2018. Under the accord, Iran agreed to limit any nuclear activity, and allow international actors to inspect any nuclear plants in the country. In return, economic sanctions would be lifted.

And Iran has been busy laying the groundwork for an official national digital currency. The country has been in the news recently, promising that blockchain technology could give Iran a much-needed [economic boost](<https://www.coindesk.com/iranian-official-says-blockchain-could-deliver-economic-boost>), *Coindesk* reports.

Officials [announced in July](<https://www.ccn.com/iran-inches-closer-to-national-cryptocurrency-in-plan-to-evade-us-sanctions/>) that Iran was planning to issue its own national cryptocurrency. Months later, Iran agreed to [officially recognize](<https://news.bitcoin.com/iran-officially-recognizes-cryptocurrency-mining/>) crypto mining as an industry in the government.

## The Petro

There's a precedent for a country developing its own sovereign cryptocurrency — without the best of intentions. Venezuela's [highly controversial "petro"](<https://futurism.com/venezuela-cryptocurrency-petro-blockchain>) — an oil- and state-backed cryptocurrency pushed by president Nicolas Maduro — is meant to give the South American nation a way out of crippling hyperinflation. So far, the people of Venezuela have yet to see any tangible benefits from the petro.

In fact, the Trump administration has also [expanded sanctions](<https://www.nytimes.com/2018/03/19/world/americas/trump-venezuela-sanctions-petro.html>) in March against Venezuela to include any trade of the petro.

Will Iran comply with Congress' demands — if the bill passes — and cease any activity related to the issuing of a digital currency? Unlikely. But it could have a negative effect on already poor relations between the two countries.

**READ MORE:** [US Lawmakers Seek Sanctions Against Iran’s Cryptocurrency Efforts](<https://www.coindesk.com/us-lawmakers-seek-sanctions-against-irans-cryptocurrency-efforts>) \[Coindesk\]

***More on Iran's cryptocurrency: [Iran May Move to Create Its Own National Cryptocurrency](<https://futurism.com/iran-national-cryptocurrency>)***

## Author
I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida.

### Author social links  
[Bluesky](<https://bsky.app/profile/vtanger.bsky.social>)