The US government has confiscated over 500 BTC belonging to Iranians since last year, according to Sepehr Mohammadi, the president of Iran’s Blockchain Association.
While this has been done by the US government, the Iranians on the other hand are unable to take action through proper channels from within their country due to Iran’s legal status of cryptocurrency.
Sepehr Mohammadi, the president of Iran’s Blockchain Association, told Ibena news outlet last week:
“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.”
Sepehr Mohammadi, the president of Iran’s Blockchain Association, admitted that the exact number of confiscated BTC “is not clear, but it is expected to be over 500 bitcoins, worth approximately 25 billion tomans ($5.77 million)” at the time, the publication quoted him.
“Some people believe that this confiscation is because bitcoin owners were circumventing U.S. sanctions,” Mohammadi added.
However there is little they could do about this US action since the government of their country does not recognize cryptocurrency to be legal.
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