Cryptocurrency is easy to transfer and difficult to trace. Reuters
Cryptocurrency is easy to transfer and difficult to trace. Reuters
Cryptocurrency is easy to transfer and difficult to trace. Reuters
Cryptocurrency is easy to transfer and difficult to trace. Reuters

Is Iran using Bitcoin to get around US sanctions?


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I like to say that the Earth has three poles: North, South and Washington. The US maintains its monetary superiority through the dollar, while legal instruments like Fatca – a US law requiring foreign financial institutions to report on assets they hold on behalf of Americans – serve to further centralise the dollar by making sure that everything is closely monitored. Because of this global reach, American sanctions often spell the death of budding economies.

How, then, has Iran’s ruling regime managed to last when for so long it has found itself at odds with the US and subject to US sanctions? It continues to project its own influence outside of its borders by funding various proxy groups. It supports the Hezbollah militant political party in Lebanon, the Houthi rebels of Yemen and the vassalage of Iraq through various militias holding the government hostage. Sponsoring groups like these is an expensive endeavour, even for prospering nations. Iran, a nation besieged economically, is pursuing these interests successfully. So how does it bypass US sanctions?

Iran’s government is an intelligent and tenacious state actor, capable of defining and pursuing its interests competently. It also maintains an infinite interest in sustaining its previous foreign investments, including Hezbollah and the Houthis, indefinitely, by whatever means necessary. Like any state, once faced with difficulties, Tehran can be trusted to adopt solutions and strategies that mitigate these difficulties. Furthermore, the level of state secrecy and intrigue that pervades Iran makes gathering hard evidence nigh on impossible.

Tehran's grand bazaar remains busy, but the Iranian economy has suffered under US sanctions. EPA
Tehran's grand bazaar remains busy, but the Iranian economy has suffered under US sanctions. EPA

But it is possible to get a sense of the Iranian strategy to sustain itself purely through a little mathematical intuition. If I, a relatively unaffected author, can conjure up a way for Iran to effectively bypass US sanctions, then it is likely that Iran, given the pressure it faces, has already been doing that for some time and has even become good at it.

How does an entity under sanction continuously supply its proxies with fresh US dollars? How does it maintain US dollar liquidity? The answer might surprise many. It is Bitcoin, the world’s most prolific cryptocurrency.

Bitcoin’s unique properties like anonymity, security, portability, and decentralisation help secure Iran’s assets from American surveillance and sabotage. Bitcoin’s fungibility in turn is a great boon to Iran’s worldwide operations; any amount of Bitcoin can easily be exchanged for dollars (or any other currency) relatively easily.

The reality is that the Iranian economy has been suffering a great deal in recent years, putting a strain on its funding for Hezbollah. This has caused the militant group to turn to other means to fund itself, namely the international drug trade and money laundering.

Despite Hezbollah's denial of its involvement in these things (which it claims would go against its supposedly devout principles), there is little room for doubt that it does indeed run a massive global trafficking ring with the help of some in the Lebanese diaspora. In fact, it has been reported widely that Iran encourages Hezbollah to engage in this trade. After all, the extension of Hezbollah's illicit activities to South America was an integral mechanism through which Tehran cemented its alliance with the government of Nicolas Maduro in Venezuela.

Hezbollah maintains a global network of operatives, primarily in the US and Europe, along with a sizeable standing army at home in Lebanon. All of this requires serious amounts of cash flow. For the reasons outlined earlier, Bitcoin provides an easy solution to all of their liquidity problems.

Venezuela and Iran both maintain vast Bitcoin mining sectors, easing the ability to denominate transactions between them in the cryptocurrency. Unlike the Iranian rial or the Venezuelan bolivar, both of which have experienced unstable levels of inflation, Bitcoin has value everywhere. Moreover, it is is a secure and appreciating asset; anyone following cryptocurrency news can see how rapidly its value has risen, making it a great hedge against the rapidly depreciating Iranian rial.

Bitcoin is also decentralised and cannot be manipulated in any direct way by the US Treasury or other regulatory authorities. Bitcoin, by its very nature, does not recognise the terms “sanction” or “regulation”.

It is also – and this is crucial – anonymous. This means that even sanctioned individuals can engage in transactions via Bitcoin because there is no link between a cryptocurrency “wallet” (the virtual means of storing one’s cryptocurrency assets) and its owner.

Furthermore, sending large amounts of money through the Bitcoin network is incredibly easy – almost instantaneous, actually – and peer-to-peer. Since one person can own multiple wallets, the true amount of Bitcoin owned and operated by a government such as Iran’s can be masked so as to avoid suspicion. This, in and of itself, could sustain Iran’s operatives in the West. While the US dollar may have to pass through three banks before finally reaching its destination, Bitcoin is disbursed in a way similar to a cash handout.

The Iran-backed militant political party Hezbollah maintains a tight grip over large parts of Lebanon. AFP
The Iran-backed militant political party Hezbollah maintains a tight grip over large parts of Lebanon. AFP
Even sanctioned individuals can engage in transactions via Bitcoin because there is no link between a "wallet" and its owner

Even a small amount of Bitcoin would have been enough for Iran and its operatives to kickstart operations, largely thanks to its value having skyrocketed recently because of an ongoing rush on it by investors. In fact, the direct links between Hezbollah and Bitcoin have already become apparent to law enforcement agencies. Last summer, the US Department of Justice extradited two men from Cyprus – a Bitcoin thief and a Hezbollah narcotics operative.

Bitcoin has already witnessed a remarkably high adoption rate among the public in Iran, where mining it has proven to be especially lucrative because of subsidies on electricity. A study of 1,650 Iranians has revealed that some earn upwards of $3,000 per month from cryptocurrency activities. Sweden has agreed to invest in the Iranian stock market with Bitcoin, and Russia has invested in Iran's blockchain technology infrastructure. Bitcoin has seen such a massive adoption rate in Iran that it has even entered legislation. It is now legal to import goods into Iran using Bitcoin, and the mining of Bitcoin using subsidised energy is strictly regulated by Iran's Ministry of Energy. According to the New York Times, Iran and Venezuela are attempting to launch their own cryptocurrencies.

As Tanvi Ratna, a blockchain expert writing in Foreign Policy magazine, puts it: "Iran has clearly understood that cryptocurrencies are among the ways to challenge and subvert the US-dominated financial architecture."

The unipolar global political order has been fraying at the seams as much as the economic order, as nations look for whatever means they can outside of established, regulated systems to assert their dominance. Bitcoin will become indispensable in the future by ensuring a parallel global monetary architecture, for nations and private entities alike. If Iran and Hezbollah are not yet using Bitcoin to bypass the US, then they would be much further behind than all of the incentives and available evidence suggest. And if they are, then others are certainly following suit.

This article is adapted from a paper originally published in the Lebanon Law Review.

Antoine Kanaan is editor-in-chief of the Lebanon Law Review

SPEC%20SHEET
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UAE currency: the story behind the money in your pockets

THE SPECS

Engine: 4.4-litre V8

Transmission: eight-speed automatic

Power: 523hp

Torque: 750Nm

Price: Dh469,000

ULTRA PROCESSED FOODS

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- Margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars

- Energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- Infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes

- Many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The biog

Simon Nadim has completed 7,000 dives. 

The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast. 

As a child, he loved the documentaries of Jacques Cousteau

He also led a team that discovered the long-lost portion of the Ines oil tanker. 

If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah

 

UAE currency: the story behind the money in your pockets
MATCH INFO

Tottenham 4 (Alli 51', Kane 50', 77'. Aurier 73')

Olympiakos 2 (El-Arabi 06', Semedo')

Farasan Boat: 128km Away from Anchorage

Director: Mowaffaq Alobaid 

Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani

Rating: 4/5

Match info

Karnataka Tuskers 110-3

J Charles 35, M Pretorius 1-19, Z Khan 0-16

Deccan Gladiators 111-5 in 8.3 overs

K Pollard 45*, S Zadran 2-18

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EWafeq%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJanuary%202019%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ENadim%20Alameddine%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%2C%20UAE%3Cstrong%3E%3Cbr%3EIndustry%3A%20%3C%2Fstrong%3Esoftware%20as%20a%20service%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%20%3C%2Fstrong%3E%243%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ERaed%20Ventures%20and%20Wamda%2C%20among%20others%3C%2Fp%3E%0A
What the law says

Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.

“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.

“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”

If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.

Squid Game season two

Director: Hwang Dong-hyuk 

Stars:  Lee Jung-jae, Wi Ha-joon and Lee Byung-hun

Rating: 4.5/5

Frida%20
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Results

Light Flyweight (49kg): Mirzakhmedov Nodirjon (UZB) beat Daniyal Sabit (KAZ) by points 5-0.

Flyweight (52kg): Zoirov Shakhobidin (UZB) beat Amit Panghol (IND) 3-2.

Bantamweight (56kg): Kharkhuu Enkh-Amar (MGL) beat Mirazizbek Mirzahalilov (UZB) 3-2.

Lightweight (60kg): Erdenebat Tsendbaatar (MGL) beat Daniyal Shahbakhsh (IRI) 5-0.

Light Welterweight (64kg): Baatarsukh Chinzorig (MGL) beat Shiva Thapa (IND) 3-2.

Welterweight (69kg): Bobo-Usmon Baturov (UZB) beat Ablaikhan Zhussupov (KAZ) RSC round-1.

Middleweight (75kg): Jafarov Saidjamshid (UZB) beat Abilkhan Amankul (KAZ) 4-1.

Light Heavyweight (81kg): Ruzmetov Dilshodbek (UZB) beat Meysam Gheshlaghi (IRI) 3-2.

Heavyweight (91kg): Sanjeet (IND) beat Vassiliy Levit (KAZ) 4-1.

Super Heavyweight ( 91kg): Jalolov Bakhodir (UZB) beat Kamshibek Kunkabayev (KAZ) 5-0.

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Usain Bolt's World Championships record

2007 Osaka

200m Silver

4x100m relay Silver

 

2009 Berlin

100m Gold

200m Gold

4x100m relay Gold

 

2011 Daegu

100m Disqualified in final for false start

200m Gold

4x100m relay Gold

 

2013 Moscow

100m Gold

200m Gold

4x100m relay Gold

 

2015 Beijing

100m Gold

200m Gold

4x100m relay Gold

 

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

MEYDAN CARD

6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m

7.05pm Handicap (TB) $175,000 (Turf) 1,200m

7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m

8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m

8.50pm Handicap (TB) $135,000 (T) 1,600m

9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m

10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m

10.35pm Handicap (TB) $135,000 (T) 1,600m

The National selections:

6.30pm AF Alwajel

7.05pm Ekhtiyaar

7.40pm First View

8.15pm Benbatl

8.50pm Zakouski

9.25pm: Kimbear

10pm: Chasing Dreams

10.35pm: Good Fortune

Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Rating: 4/5
Dubai World Cup Carnival card

6.30pm: UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m

7.05pm: Handicap (TB) $135,000 (Turf) 1,000m

7.40pm: Handicap (TB) $175,000 (D) 1,900m

8.15pm: Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m

8.50pm: Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m

9.25pm: Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m

The National selections

6.30pm: Final Song

7.05pm: Pocket Dynamo

7.40pm: Dubai Icon

8.15pm: Dubai Legacy

8.50pm: Drafted

9.25pm: Lucius Tiberius

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Company%20profile%20
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Company%20profile
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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Switch%20Foods%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Edward%20Hamod%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Plant-based%20meat%20production%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2034%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%246.5%20million%3Cbr%3E%3Cstrong%3EFunding%20round%3A%3C%2Fstrong%3E%20Seed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Based%20in%20US%20and%20across%20Middle%20East%3C%2Fp%3E%0A
Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

The specs: 2018 Mercedes-Benz GLA

Price, base / as tested Dh150,900 / Dh173,600

Engine 2.0L inline four-cylinder

Transmission Seven-speed automatic

Power 211hp @ 5,500rpm

Torque 350Nm @ 1,200rpm

Fuel economy, combined 6.4L / 100km

UAE currency: the story behind the money in your pockets
If you go...

Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.

Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

Napoleon
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Ridley%20Scott%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Joaquin%20Phoenix%2C%20Vanessa%20Kirby%2C%20Tahar%20Rahim%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Brief scores

Barcelona 2

Pique 36', Alena 87'

Villarreal 0

ADCC AFC Women’s Champions League Group A fixtures

October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA

The specs: 2018 Renault Megane

Price, base / as tested Dh52,900 / Dh59,200

Engine 1.6L in-line four-cylinder

Transmission Continuously variable transmission

Power 115hp @ 5,500rpm

Torque 156Nm @ 4,000rpm

Fuel economy, combined 6.6L / 100km

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

Tips from the expert

Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.

  1. Sellers should focus on providing high-quality used goods at attractive prices to buyers.
  2. It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
  3. Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
  4. Be creative and look around your home for valuable items that you no longer need but might be useful to others.