Countries study cryptocurrencies to avoid sanctions
The coins of this type were created to avoid the need of the central banks, but their success has put them in the spotlight of some nations or businesses
According to international media, the governments of Russia and Iran are studying the use of cryptoactives to “avoid” the sanctions that the United States imposed on both nations. The idea of the countries is to dodge transactions in dollars and also assess a possible replacement of the interbank payment system in SWIFT.
For this reason, a group of experts will work on possible financial cooperation during a meeting that will take place on July 5 of this year.
Cryptocurrencies and nations
But what about cryptocurrency? Multiple researchers indicate that without having access to international banking systems, Iranian citizens have diverted approximately two thousand five hundred million dollars out of the country using alternative currencies.
Venezuela (which also faces sanctions at the international level), created its own oil-backed cryptocurrency, the “Petro”, in a move that some experts on the subject saw as an “illegal” way of operating in international financial markets.
Turkey has also shown interest in creating its own cryptocurrency backed by the State. However, the most advanced seems to be the Cryptorublo that Russia could launch in the middle of next year.
Whose responsibility is a decentralized currency?
Economists worldwide have said that the market “is wrong” to give interpretation to the possible emissions of digital currencies supported by governments as cryptocurrency and consider them something different, which they define as a new concept of currency.
This is because the cryptocurrency is an asset of the blockchain technology and is not the responsibility of “anyone”, because it does not represent or is endorsed or supported by “nothing” in the sense that it is an agreement between two institutions or private persons.
Coins of this type were created to avoid the need for central banks, but their success has put them in the spotlight of some countries or businesses. You only have to see if your step towards becoming a national currency is reasonable, since only a small part of the world money supply is in bank notes.
N. Moncada
Source: Iforex
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