U.S. Treasury Secretary Scott Bessent plans to announce a new package of economic sanctions on Iran on Aug. 24, calling it the “most severe sanctions in history.” The measures are aimed at cutting Iran off from the global economy, while warning trade partners including China of severe penalties. The report says the package will be paired with naval blockade actions in the Strait of Hormuz and secondary sanctions on third countries that maintain commercial ties with Iran. It also says Iran has used Bitcoin mining to generate income outside the traditional banking system, and that a further escalation could affect the country’s mining activity and the global energy market.
U.S. Treasury Secretary Scott Bessent plans to announce a new economic sanctions package targeting Iran on Aug. 24, calling it the “most severe sanctions in history.”
According to Techub News, citing CryptoBriefing, the package is meant to cut Iran off from the global economy. It also warns trade partners such as China that they could face severe penalties.
The report says the sanctions will be tied to naval blockade action in the Strait of Hormuz and will include secondary sanctions on third countries that maintain commercial ties with Iran.
The original report also said Iran has been generating income outside the conventional banking system through Bitcoin mining. It added that the latest escalation could further affect the country’s crypto mining activity and the global energy market.
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