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Saturday, Sep 18, 2021
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How Iran Uses Bitcoin Mining to Evade Sanctions and “Export” Millions of Barrels of Oil

How Iran Uses Bitcoin Mining to Evade Sanctions and “Export” Millions of Barrels of Oil

Elliptic.co estimates that 4.5% of all Bitcoin mining takes place in Iran, allowing the country to circumvent trade embargoes and earn hundreds of millions of dollars in cryptoassets that can be used to purchase imports and bypass sanctions. This has implications for financial institutions engaging in cryptoasset transactions - who should ensure they have appropriate controls in place to avoid sanctions violations.
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