Study Reveals How Russia, China and Iran are Fighting US Sanctions
By Jamie Green – Crypto Dealer
Some of the USA’s most formidable opponents, including Russia, Iran, China, and Venezuela are working on cryptocurrency technology that will help them bypass US sanctions.
But it seems that a study from the Foundation for Defense of Democracies (FDD) shows the measures each of these nations will take to make this a reality:
“For decades, US adversaries have been trying to evade and undermine this power, but there has been no way to conduct significant international commerce without moving through the pipes of the US-led global financial system.”
The FDD now believes that illicit users could buy Bitcoin or another cryptocurrency to move significant amounts of finance without the knowledge or oversight of the US.
The study says that these four states are reported to have gone “beyond mere sanctions evasion” to develop other global commerce payments systems not under the US influence through blockchain technology and cryptocurrencies. This could be through buying Bitcoin and anonymously moving the assets.
The FDD also reports that even though they are opting for their own state-backed crypto, Venezuela, Iran, and China have prevented access to public cryptos that are available on the market. This could be a tactic of the governments to deter citizens from buying crypto on the open market which they cannot control, whilst providing there own which they’ll have much greater control over.
The researchers have stated that blockchain experiments have been initiated from these nations to resist sanctions from the US. The FDD also went on to elaborate that since the Venezuelan government, run by Nicolas Maduro, did not produce the economic and technical infrastructure for their state-backed cryptocurrency, Petro isn’t useful to citizens of South American countries or even their trading partners. The government has reportedly stated that they wish to get all citizens to buy and sell cryptocurrency but solely through the Petro.
Check out our platform if you’re looking to buy crypto UK or to buy Tron, Stellar or one of the other altcoins we have listed!