Cryptocurrency

Countries are resorting to virtual currency to combat sanctions imposed by United States of America.

More investments are taking place every day in the sector of cryptocurrency, these investments are taking place so that the sanctions imposed by the USA can be fought against. Several economies are investing in the Blockchain technology to see to it that the economic sector is not completely in shambles with the passing of time. Economic relations and associations are now being formed due to the common element, that is, the use of Blockchain technology against a powerful deterrent to their growth and development. The countries which are forming associations with the new technology are Venezuela, Iran, North Korea, and Russia.

The virtual currency has an advantage over the traditional systems of the economy because it is very different from the mainstream financial sector. While the traditional currency does not provide anonymity, virtual currency scores over traditional currency in this respect. It nullifies the question of accountability and hence the countries on which sanctions are imposed by the USA are preferring this field. Thus, a country like Iran, on which sanctions are imposed by the United States of America, can carry out trade through the means of cryptocurrency. In a similar manner, a country like Venezuela is using cryptocurrency to get out of the slump created from the inflation. The major appeal of digital currency remains that it continues to be untraceable. However, it is yet to be determined as to what would be the impact of adhering to this sector in the long run. It can be believed that at this point in time, virtual currency has come to the aid of the economies of these countries.

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