Copy link
Increase text size
Decrease text size
Link copied

US enemies study blockchain for circumventing sanctions, report claims

Vladimir Putin.DonkeyHotey/Flickr

Sat, 13 Jul 2019, 05:24 am UTC

A new report just came out to claim that countries like Russia and Iran are now looking to blockchain to figure out ways in which they can circumvent the sanctions imposed by the US. This could have huge implications for international affairs if it proves successful. Simply put, it could mean the weakening of the impact of limiting the financial capabilities of certain nations. It was already ineffective to a certain degree, to begin with.

Sanctions are a favored way by the US and other western countries to punish regimes with dictatorial tendencies. Russia and Iran have been on the receiving end of this whip for some time, but blockchain could completely change that. At least, this is what a report by the Foundation for Defense of Democracies (FDD) seems to be suggesting.

“Even as U.S. adversaries continue with traditional sanctions evasion schemes, they increasingly use new innovations like cryptocurrencies and blockchain technology to build sanctions resistant economies. Such efforts are unlikely in the short term to build big enough systems to offset U.S. sanctions. Increasing digitization, cashlessness, and peer-to-peer technology systems are creating different channels for transferring value,” the report reads.

The FDD is basically recommending for the US to take a more active approach at tackling the issue of blockchain and the escape with which it affords rival nations. As the decentralized ledger technology grows in size and influence, so will the number of options for ducking under regulations and oversight.

For now, crypto coins like bitcoin might not have the same buying power as traditional fiat, Fast Company reports, but this will not be the case forever. Then there is the huge elephant in the room in the form of Facebook Libra to talk about, as well. The social network has already proven to be susceptible to influence by countries like Russia and the same could be true for its crypto offering.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,105.01 (-0.14%)
  • Ethereum (ETH) $142.05 (+0.01%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $206.59 (-0.13%)
  • Litecoin (LTC) $43.30 (-1.23%)
  • Bitcoin (BTC) $7,105.01 (-0.14%)
Dec 14, 2019 (Saturday)
05:44
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
12:50
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:49
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:25
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
11:24
Terra launches stablecoin-powered payments service in Mongolia
10:37
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
10:22
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
08:55
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
08:55
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
07:49
Twitter looks to blockchain to decentralize social media
07:03
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
06:22
ING bank developing custody project for digital assets: Report
06:18
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
05:28
Franklin Templeton leads blockchain-based social impact platform’s funding round
04:58
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
04:44
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
04:33
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
04:33
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
03:24
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
03:23
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft