Bitcoin

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Cryptocurrencies could help evade U.S. sanctions on Iran

Illustration: Aïda Amer/Axios

Iranian cryptocurrency developers have created a blockchain platform, IranRescueBit, to facilitate aid donations in Bitcoin, Ethereum and Litecoin — a move that threatens to undermine sanctions at the center of the Trump administration's "maximum pressure" campaign.

Why it matters: The platform's purported aim is to circumvent U.S. sanctions that prevented international donations from reaching the Iranian Red Crescent Society following damaging spring floods in Iran, but its scope appears likely to expand.