Iran's central bank using vast quantities of cryptocurrency championed by Farage, says report

"Elliptic, a crypto analytics company, said it had traced at least $507m (377m) of cryptocurrency issued by Tether a company touted by the Reform UK leader passing through accounts that appear to be controlled by Iran's central bank. Elliptic's report tracked what it says is the Iranian central bank's systematic accumulation of Tether stablecoins, a type of crypto that is pegged to the dollar so it can easily be exchanged for hard currency."

"This pointed to a sophisticated strategy to bypass the global banking system, perhaps to trade or to prop up the rial, Iran's currency. With thousands confirmed dead in the brutal suppression of protests, the Iranian regime's apparent use of Tether's stablecoins raises questions for Farage about his support for the cryptocurrency. In September, Farage revealed he was planning to raise Tether during a meeting with the governor of the Bank of England, Andrew Bailey."

Elliptic traced at least $507m of cryptocurrency issued by Tether passing through accounts that appear controlled by Iran's central bank. The tracing identified systematic accumulation of Tether stablecoins by the central bank. Tether stablecoins are pegged to the dollar and can be exchanged for hard currency, facilitating conversion outside traditional banking channels. The accumulation suggests a sophisticated strategy to bypass the global banking system, possibly to fund trade or prop up the rial. Thousands have died in the brutal suppression of protests, and the regime's apparent use of Tether raises questions about political figures who champion the cryptocurrency.

Read at www.theguardian.com