Iran’s Economy Crashes: America’s hammer on Iran’s economy, Crypto Currency freeze of $344 million…

Business Desk – Iran’s Economy Crashes: The ongoing conflict between America and Iran has taken a new turn. On one hand, America has caused huge damage to Iran’s economy by blocking its main ports. Now, on the other hand, it has banned many crypto wallets of Iran.

Digital assets worth $344 million have been frozen. America has already said that it will not allow Iran to develop nuclear weapons. To ensure this, he will have to make this country economically weak. As a result, the US is now targeting every source of income available to Iran. “Operation Epic Fury” has now become “Operation Economic Fury”.

The US has now targeted Iran’s cryptocurrency networks, with the aim of blocking global financial transfers and curbing income from digital currencies. According to Reuters, while reports suggest that $344 million of digital assets have been frozen, officials indicate that the actual figure may be much higher.

A report by Fox Business, which cites US Treasury Secretary Scott Besant, claims that assets worth a total of $500 million have either been seized or blocked. The US Treasury Secretary has even said that this struggle has now spread to the digital sphere. America is actively blocking Iran’s crypto wallet. It has also come to light that there has been a huge jump in the volume of transactions done through cryptocurrency within Iran.

Private institutions, front companies and informal networks were facilitating these large-scale transactions. Furthermore, cryptocurrency mining is being done on a large scale within Iran. These assets were being used to settle import payments.

America is weakening the foundation of Iran

US President Donald Trump has already said that by blocking Iran’s waterways, the US is causing financial losses to Iran of more than $500 million per day. America has vowed that it will continue punitive action against Iran until it accepts American demands.

Recently, both sides have threatened major retaliatory attacks. If such a situation arises, its consequences can be felt in many countries around the world, including India.

Impact of crude oil prices on Indian economy

The adverse effects of the closure of the Strait of Hormuz and the huge rise in crude oil prices are now clearly visible in the Indian economy. Imports are becoming increasingly expensive. Oil supply also remains disrupted. Today, on May 1, the price of commercial LPG cylinders in India has been increased by more than Rs 900. If these conditions persist for a long time, the Indian economy may have to face huge losses.