Cryptocurrencies – a tool to fight economic sanctions

Cryptocurrencies are slowly becoming a weapon in the hands of politicians. They can not be used for bombing cities, but they can be a dangerous weapon in economic wars.

Although conventional military operations continue to occur on our planet, today the world is also an arena of cold economic wars. The United States is fighting in this field with, among others, Iran, Venezuela or Russia. And at this moment gladiators armed with cryptocurrencies enter the arena!

CryptoShield

Increasingly, digital currencies are exchanged as a kind of shield in such conflicts. Examples? Venezuela and it’s Petro. Although this project definitely did not work out. President Nicolas Maduro wanted to create his own cryptocurrency, which would help him overcome hyperinflation, which would turn more and more into fiduciary currencies, and to do so cleverly sanctions imposed on his country by the United States. He was even willing to trade oil with her help. Everything sounds beautiful, but the Venezuelan leader truanted perhaps when in the economics class his friends were taught that today the currency is above all social trust. Without it, it is only paper with printed numbers and symbols or – as was the case with Petro – with empty digital recording. The E-currency Maduro will probably end its life with the final change of power in the state …

Iran

Iran is following in the footsteps of Venezuela, which also announced that it is starting work on the issue of its own cryptocurrency. There are also Russians in the project team.

Today, the media is also reporting that Tehran has already negotiated with eight countries the terms of trading using the digital currency. Talks are probably going on with Switzerland, South Africa, France, Great Britain, Russia, Austria, Germany and Bosnia.

E-rial – or whatever the cryptocurrency will be called otherwise – is to be issued by the central bank and associated with the “paper” rial. It is also intended as an alternative to SWIFT, a global settlement system that Iranian banks do not have access to. Apparently, we are to meet the details at a special conference in early February.

What may come as a surprise, however, is the fact that the Central Bank of Iran is also to declare war on the current cryptocurrencies. Media recently wrote about the institution’s report, in which you could read that plans are forbidden to use “unapproved” digital currencies. What is the e-currency? Probably all that are not subject to Tehran’s rule. Could Iran then repeat the error of Venezuela and try to force its citizens to choose a crypto-currency?

At the same time, Russia is considering starting the currency of the Eurasian Economic Union (EAEU), which also includes: Belarus, Kazakhstan, Armenia and Kyrgyzstan …

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