Analysis Crypto by Thebittimes.Com

In a mix of currency wars, the Iran ian rial is the latest currency to fall prey to the gnawing hands of the US Dollar. The Iran ian rial has fallen to a new low against the USD , bringing Iran ian economic progress to a standstill. The Iranian rial has notably fallen 610,000 tomans against the USD. Dubbed a drastic dip documented by Rial to date, the price fall signals Iran’s worsening economic prospects, jeopardizing the nation’s monetary prestige.  Also Read: Currency: Bitcoin to Grow Stronger Than the US Dollar Iranian Rial’s Fall from Grace Source: Lonely Planet On March 24, the US dollar crossed all-time highs against the Iranian rial. The IRR took a massive dip as the USD went past the 610,000 rial mark for the first time.  Iran has been battling intense sanctions and restrictions hampering its economic progress for decades. The region is rife with political instability and mayhem. The political instability has further fueled the ec...

Andrew Fierman highlighted the nuances of sanctions depending on who is involved, what is at stake and where they’re coming from. As many countries, entities and even individuals face international sanctions, the crypto industry seeks to find its place among increasing regulations.  Digital currencies have often been mentioned as an avenue for those subject to Sanctions to divert them, such as in the recent case of Russia. In such instances, exchanges and other industry players need to understand where they stand compliance-wise.  Research out of Harvard even suggested that central banks can use Bitcoin (BTC) to fight off sanctions. Speaking to Cointelegraph's managing editor Alex Cohen at the Israel Crypto Conference, Chainalysis head of Sanctions Andrew Fierman said Sanctions are nuanced depending on the many factors which surround the situation. “When you’re looking at countries like Iran and North Korea, from a US perspective, crypto has in fact been comprehensively sanctioned...

US and Iran are among the most trending topics of discussion of late. On one hand, the two nations are set to face each other in the FIFA World Cup tomorrow. On the other, the latter has demanded the former team be “kicked out” of the tournament owing to the flag controversy. Well, even in the crypto space, a development pertaining to the said nations has shaped up. Per an Enforcement Release by the US Treasury Department, crypto exchange Kraken has agreed to pay over $362,000 to settle claims that it violated sanctions against Iran. A statement highlighted, “Kraken, a Delaware-incorporated virtual currency exchange with operations in the United States and elsewhere, has agreed to pay $362,158.70 to settle its potential civil liability for apparent violations of the Iran ian Transactions and Sanctions Regulations.” The release further outlined, “As part of its settlement with OFAC, Kraken also has agreed to invest an additional $100,000 in cert...