Iran’s central bank using vast quantities of cryptocurrency championed by Farage, says report
What is this? FarageCoin is being used to beat sanctions?
Iran’s central bank appears to have been using vast quantities of a cryptocurrency championed by Nigel Farage, according to a new report.
Some close connection perhaps?
“I’m going to go tomorrow to say this,” Farage told LBC radio. “You know, Tether is a stablecoin. Stablecoins are the way which money goes from conventional currencies through into cryptocurrencies and back again. Tether is about to be valued as a $500bn company.”
Farage criticised Bailey for imposing restrictions on crypto and urged the UK to catch up with the US, where Donald Trump, who chose Howard Lutnick, Tether’s banker, as his commerce secretary, has reversed efforts to police digital currencies.
Farage added: “You know, stablecoins, crypto – this world is enormous, and I’ve been urging for years that London should embrace it. We should become a global trading centre for this stuff, under proper regulation.”
One of Tether’s major shareholders, the tech investor Christopher Harborne, is Reform’s biggest donor.
Stablecoins are an issue and one where there is a discussion to be had with central banks about regulation. Not this is entirely seprate from Bitcoin etc.
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.
There’s around $190 billion of Tether in issuance. Iran, apparently, has $500 millkon of it. So, some naughty boys have 0.25% of a currency in issue. This poses questdions – deeply troubling ones – about a politician who muses of regulation of this new and important thing.
The representative said Tether followed US sanctions guidelines. “We work closely with law enforcement globally to identify and promptly, upon request, freeze assets to prevent further movement whenever they are identified to be in connection to illegal activity or illicit actors.”
Ho, right. It’s just that they’re desperate, see? ‘Bout Farage, noT Iran, obvs.