Sec. 306. Report on progress of Government of Iran in creating a sovereign cryptocurrency
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/bill/115/hr/7321/ih/section-306·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 120 days after the date of the enactment of this Act, the Secretary of the Treasury shall submit to Congress a report on the status of the progress of the Government of Iran in creating a sovereign cryptocurrency. The report required by paragraph
(1)shall include the following: An assessment of the progress of the Government of Iran in creating a sovereign cryptocurrency. A description of the technical details of what is being developed, including whether the Government of Iran intends to— fork an existing blockchain or create a new one; make the blockchain open or closed; or involve the Central Bank of Iran. An assessment of the state and non-state actors that are assisting the Government of Iran in creating a sovereign cryptocurrency, including the governments of the People’s Republic of China, the Russian Federation, the Bolivarian Republic of Venezuela, and the Republic of Turkey. An assessment of the effect that successful development, deployment, and maintenance by the Government of Iran of a sovereign cryptocurrency would have on the effectiveness of existing United States sanctions with respect to Iran. An assessment of the technology and infrastructure that the Government of Iran would need to develop, deploy, and maintain a national digital currency, including a cryptocurrency. An identification of the countries that have agreed to assist the United States in blocking efforts to bypass or evade United States sanctions relating to Iran or bypass or evade countermeasures and risk mitigation practices outlined by the Financial Action Task Force.