Iran Amends Law to Allow Imports to Be Funded With Cryptocurrency - CoinDesk

in hive-116221 •  4 years ago 

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The proliferation of cryptocurrencies is bad for the dominance of the U.S dollar and its status as the reserve currency of the world. Yet, the economic sanctions that are imposed by the U.S on other countries seem to undermine this dominance of the U.S dollar and consequently seems counter productive to U.S interest. 

Besides Iran, Venezuela, North Korea and Russia have expressed their intention to use Central Bank Digital Currencies or private cryptocurrencies to circumvent the crippling effects of the economic sanctions. 

There is a long list of countries which are subject to U.S economic sanctions. As at Oct 2020 the list includes the Balkans, Belarus, Burundi, Central African Republic, Cuba, Democratic Republic of Congo, Hong Kong, Iraq, Lebanon, Libya, Mali, Nicaragua, Somalia, Sudan, South Sudan, Syria, Yemen, and Zimbabwe.

 

References; 

1. https://www.cryptoglobe.com/latest/2020/10/venezuelas-president-introduces-cryptocurrency-bill-to-avoid-economic-sanctions/

2. https://news.bitcoin.com/north-korea-plans-to-launch-a-cryptocurrency-to-bypass-economic-sanctions/

3. https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information



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