US Government Has Seized Over 500 BTC Belonging To Iranians
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US Government Has Seized Over 500 BTC Belonging To Iranians

Iran has claimed that the US government has confiscated over 500 BTC belonging to Iranians. As per the head of Blockchain Association of Iran, the U.S. government had confiscated them last year and the number is still rising.

Due to the legal status of cryptocurrency in Iran, Iranians are unable to take any action as such through proper channels from within the nation. Iran Blockchain Community is a nonprofit and self-governing community of entrepreneurs, experts, specialists, activists and enthusiasts of blockchain who work to develop this technology.

Sepehr Mohammadi, the Head of Iran’s Blockchain Association, admitted that the exact number of BTC seized is unknown, but it is expected to be above 500. He says that Iran Blockchain Community is looking to take international legal action but it has, as of yet, not found an expert to take the case. This might also set a precedent for how crypto is handled internationally when citizens cross.

Last week, he said to one of the news outlets:

“Last year, a remarkable volume of bitcoins which belonged to some Iranians were confiscated for unspecific reasons by the federal government of the United States, and the process of confiscation is still continuing. Some people believe that this confiscation is because bitcoin owners were circumventing U.S. sanctions”

He further elaborated on the challenges faced by the Iranian citizens to recover their cryptocurrencies :

“The owners of confiscated bitcoins are unable to take legal action against the U.S. inside Iran as cryptocurrencies are banned in the country. The association is looking to take international legal action, but they have not yet found a legal expert in anti-money laundering law who will handle the case.”

In April this year, the Central Bank of Iran (CBI) had banned banks and financial institutions in the country from dealing with cryptocurrencies. It had claimed that “All cryptocurrencies have the capacity to be turned into a means for money laundering and financing terrorism and in general can be turned into a means for transferring criminals’ money.”

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Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.