The two countries see cryptocurrency as salvation against sanctions.
|Sep 29||Public post|| 1|
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Most of the world has restrictions on their business with North Korea and Venezuela. Largely U.S.-led, the sanctions on the two countries are meant to pressure them to address alleged human-rights issues.
That impact on North Korea has been called “crippling.” The state energy company of the oil-rich Venezuela has struggled to get paid by customers because major banks shun it.
Now they see cryptocurrency — which operates without centralized control, effectively immune to sanctions — as salvation. Venezuela’s state oil company already has a stash, indicating some customers may have paid it with digital assets.
It remains to be seen how cryptocurrency will affect geopolitics and vice-versa. But one thing is certain. The effectiveness of sanctions is fading.
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