Italian Banks Successfully Test Data Reconciliation Via Blockchain

8m
cointelegraph

$500 Billion in Transactions Later, Litecoin Celebrated Its 8th Birthday

19m
cryptoglobe

Changpeng Zhao Tweets About ‘Binance Effect,’ Deletes Newly-Added Coin Pumps Shortly After

21m
beincrypto

Rising cryptocurrency mass adaption in India before court case on 23rd

1h
bitcoinwarrior

Bitcoin Price Continues to Track Bullish $3,200 Bottom Fractal

1h
newsbtc

Kik Announces It’s ‘Here to Stay’ in Apparent Reversal of Fortunes

1h
cointelegraph

Bitcoin Faces Drop Below $8,000 Despite Beating Price Resistance

1h
cryptonewmedia

Bitcoin Drops 0.82% as Dominance Downtrend Continues

1h
coininsider

Top X Bitcoin Trading Strategies

1h
cryptodaily

Monero [XMR] Hits a 6-Month Low as Major Exchanges Gear to Delist Privacy Coins

1h
coingape

VanEck Director Calls on USA to Embrace Bitcoin After Backing Tether

1h
beincrypto

Cardano Senior Manager Reveals All About Upcoming Testnet & Staking on the Network

2h
cryptodaily

G7: Facebook's Libra Shouldn't Be Launched Until Its Risks Are 'Adequately Addressed'

2h
cryptoglobe

4 Minute Crypto - Will The New Dot Crypto Domains Replace Crypto Wallet Addresses

2h
letstalkbitcoin

Report: Telegram’s ‘Force Majeure’ Clause Curbs Investor Compensation

2h
cointelegraph

Is the GBTC Premium a Big Indicator for the Price of Bitcoin?

2h
cryptodaily

Bitcoin Price: Sudden Sunday Drop Has Analysts Eyeing $7.8K Support

3h
cointelegraph

BNB, EOS, Monero, TRON and Cardano

3h
cryptonewmedia

BitMEX’s Bitcoin Futures 24 hr Volume Drop Below $1 Bn, Records the Lowest in Months

3h
coingape

XRP Looks To Double Its Value in Anticipation of 2019 Swell Conference

3h
beincrypto

Crypto IRS Audits: Hire Professionals or Do it Yourself?

3h
cointelegraph

Ripple’s Brad Garlinghouse Doesn’t Slam Bitcoin, But Still Believes XRP is a Better Option For Payments

3h
cryptodaily

BMW, General Motors, Ford to Start Testing Blockchain Payments in Cars

3h
cointelegraph

Sudden Cyworld Shutdown Puts Clink Crypto Investors at Risk: Report

3h
cointelegraph

Hurun Institute’s Wealthiest Chinese List Includes 12 Crypto Moguls

3h
cryptoglobe


Circumventing US Sanctions: Iran, China, & Venezuela developing their own crypto

cryptoticker

3mon ago

US sanctions are a nightmare every country wants to avoid. It wreaks havoc to an economy, especially in the modern interconnected global economy. The impact of sanctions has only grown since the collapse of the USSR, and it is not wrong to say that the US has turned into an economic dictator. Recently, the US has started using sanctions recklessly, especially in the case of Iran where the country was abiding all the terms of the agreement. For the US, economic sanctions are better than a long-dreaded war, but it is starting to move countries away from the Dollar.

The dollar is a weakness when it comes to most countries’ foreign policies, as it prevents them from doing a lot of things which otherwise would be in their own self-interest. Hence, it is critical for countries, especially those in the crosshairs of the US. The Foundation for Defense of Democracies (FDD) in a recent report termed, “Crypto Rogues U.S. State Adversaries Seeking Blockchain Sanctions Resistance”, looks into how some nations are using crypto to overcome US sanctions. The FDD is a policy institute or a think tank based in Washington D.C., focusing on national security and foreign policy.

The report looked at four countries in detail China, Venezuela, Russia, and Iran. The first country on the report is Venezuela, and it points the country as a lesson for other countries. Petro was a failure due to the government’s inability to build the economic or technical infrastructure to make the Petro useful to citizens and international trading partners. Russia’s case is unique as the country’s legislative and regulatory hurdles prevent it from issuing a crypto Rubel, but it is actively looking to develop a digital currency that could be used for trade with other governments outside the SWIFT. Iran, the report highlights, has always somehow circumvented the sanctions but has recently added crypto to its toolkit. China, although not as affected by sanctions, is threatened by the dominant position the US holds in the world, and if China decides to use crypto to trade with the world it would become a game changer. North Korea was notably absent from the report.

The irony here is the fact that most of these countries have a hardline stance against crypto, especially China and Russia. And make no mistake, it is not their love for crypto they are expressing, it is simply a way to escape sanctions and US dominance. Don’t expect any crypto friendly regime from China anytime soon. It is the fact that for the first time these countries have a chance of creating a system which is completely outside of the US led to the financial order. And hence these governments are prioritizing blockchain technology as a key component in their efforts to counter U.S. financial power.

For every negative aspect of the US dollar, the federal reserve has done a really good job looking after it. The central bank is still independent and free, they have not increased the monetary flow of the Dollar by too much. And more than that the US has a good trading relationship with most countries in the world, both in terms of the number of countries and the sheer volume of trade which makes dollar easily available. Hence, no other currency has been able to replace the dollar, countries have tried to reduce their exposure to dollar previously, like Russia, India, and the EU. In fact, one of the earliest promises of crypto was to challenge the existing financial system. But that never materialized, now it seems that countries wanting to break away from the US hegemony are pushing for it.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments