News Russia, China, Iran & Venezuela developing crypto to challenge...

Russia, China, Iran & Venezuela developing crypto to challenge US financial control – study

-

- Advertisment -

A new report by the American Foundation for Defense of Democracies (FDD) says the US’ geopolitical adversaries are deploying blockchain technology to help avoid sanctions and counter US financial power.

According to the FDD, with the increase of adoption of cryptocurrencies around the world, efforts are underway to build new systems for transferring value that work outside of conventional banking infrastructure.

Governments in Russia, China, Iran, and Venezuela are experimenting with the technology that underpins the crypto market, said the report. They are prioritizing blockchain technology as a “key component of their efforts to counter US financial power.”

“Russia, Iran, and Venezuela have initiated blockchain technology experiments that their leaders paint as tools to offset US financial coercive power and increase sanctions resistance. China is also wary of US financial power and the ever-present threat of sanctions against Chinese officials,” the study finds.

The efforts of the four nations go beyond mere sanctions evasion, according to the report, which said that they “seek to reduce the potency of unilateral and multilateral sanctions by developing alternative payment systems for global commerce.”

The authors of the report noted that the US position of influence is not necessarily permanent.

“Technology has created a potential pathway to alternative financial value transfer systems outside of US control. The target timeline may be two to three decades, but these actors are developing the building blocks now. They envision a world in which cryptocurrency technology helps them eclipse US financial power, much the way that the dollar once eclipsed the British pound.”

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...
- Advertisement -Russia, China, Iran & Venezuela developing crypto to challenge US financial control – study

Cryptocurrency Top Security Risk Concerns: What You Can Do to Protect Your Crypto

A report by CipherTrace revealed that in the first half of 2019, criminals and fraudsters stole more...

How has Bitcoin of America Changed the Cryptocurrency Industry?

Who is Bitcoin of America? Bitcoin of America is a U.S. based digital currency...

Must read

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when...
- Advertisement -Russia, China, Iran & Venezuela developing crypto to challenge US financial control – studyRussia, China, Iran & Venezuela developing crypto to challenge US financial control – study

You might also likeRELATED
Recommended to you