STUDY: IRAN USING CRYPTO MINING TO EVADE SANCTIONS

A study by Blockchain analytics firm Elliptic is reported by Rferl on 21 May.  The study estimates that around 4.5% of global Bitcoin mining takes place in Iran, allowing the country to earn hundreds of millions of dollars in cryptocurrencies.  The study claims that Iran has recognised that Bitcoin mining represents an attractive opportunity for a sanctions-hit economy suffering from a shortage of hard cash, but with a surplus of oil and natural gas, and uses crypto mining to pay for the import of authorised goods.

https://www.rferl.org/a/iran-crypto-mining-sanctions/31267432.html

https://www.elliptic.co/blog/how-iran-uses-bitcoin-mining-to-evade-sanctions

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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