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Bitcoins May Prove Key to Iran Sanctions-Evasion Schemes: FinCEN

By Valentina Pasquali

Iranian individuals and entities may have begun transacting in cryptocurrency more frequently in recent months to evade a re-imposed U.S. financial embargo, Treasury Department officials suspect. Bitcoin underpins a "comparatively small" volume of transfers in Iran, but, along with other cryptocurrencies, may provide the country with "emerging" access to the global financial system once U.S nuclear-related sanctions reactivate, the department's Financial Crimes Enforcement Network claimed in an advisory Thursday. Iranians can use online exchanges in Iran, the United States and other countries to transact in cryptocurrencies or direct peer-to-peer platforms that allow customers to swap them directly with each other,...

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