Iran Bitcoin Users Affected By US Sanctions

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Iranian sources say that some of them are no
longer able to access the cryptocurrency swap
platform ShapeShift, even when using virtual
private networks (VPNs). As such, the sanctions
appear to be already impacting Iranians who want
to make lawful use of cryptocurrencies.

Some of the favored wallets among Iranians are
Electrom, Atomic, Exodus, Samourai Wallet and
Wasabi Wallet, especially its CoinJoin feature that
sends many transactions in batches all at once to
make it harder to track specific wallets. According
to several Iranian developers, interest in the privacy
coin zcash is also far more common these days,
Bitcoin Desk reported.

An anonymous developer in Tehran, who has
traded ethereum for bitcoin on global exchanges
then sent the bitcoin to his own wallet, concurred
that security and privacy are the two primary
attributes he looks for in a wallet.

“Cutting a whole country off from global business is
cruel,” the developer said, also affirming that laws
should curtail criminal activity. However, most
mainstream cryptocurrency exchanges like Coinbase
will reject transactions connected to forbidden coins
even several steps removed. As such, the criminal
actions of a few may have ripple effects across
Iran’s burgeoning community of retail buyers and
users.

For less tech-savvy bitcoin users who might struggle
with tracking blockchain data for specific coins,
these listings present a significant risk.
Attorney Steve Middlebrook tweeted that anyone
who received bitcoin from those sanctioned
addresses should “hold the coins and notify the
feds.”

On the other hand, Attorney Nelson Rosario, who
specializes in blockchain technology at Marshall,
Gerstein & Borun LLP, tweeted an open question
regarding how users could “clean” bitcoin from a
sanctioned bitcoin wallet address. Could cooperating
with US authorities really help innocent bystanders
avoid blacklists?

In the meantime, the Iranian Mining Industry is
booming with fresh crops of untainted bitcoin.

Persian Bulls

Thanks to Iran’s subsidized electricity offerings that
make cryptocurrency mining relatively affordable,
mining operations continue to grow despite global
price dips.

“I’m trying to expand the mining industry and
[bitcoin’s] use case for business in Iran,” Javad
Sedighi, a miner based in Isfahan, said, adding that
he wants to help build a world with fewer sanctions
and censorship. “Bitcoin users in Iran are mostly
young people who are interested in technology.”

Much like Sedighi, Tehran-based developer Saad
said that political complications only boost their
dedication to promoting mainstream adoption.
Governments cannot freeze privately held and
operated bitcoin wallets themselves. So, the more
that people store and transact with bitcoin by
themselves, the less that lawful users need to fear
discrimination.

“When cryptos become so common and globally
accepted, these measures don’t work,” said Saad.
As such, choosing a bitcoin wallet with strong
privacy features is important for those who, in some
ways, are literally becoming their own banks.

The anonymous developer in Tehran told CoinDesk
that, despite the political tensions, bitcoin’s unique
value proposition is inspiring more local engineers
to learn about blockchain and start experimenting
with uses of the tech.

“Public adoption would be the best thing I can wish
for,” he added.
The United States on Wednesday indicted two
Iranians for launching a major cyber attack using
ransomware known as “SamSam” and sanctioned
two others for helping exchange the ransom
payments from Bitcoin digital currency into rials.

Source : https://financialtribune.com