Published
5 years ago on
July 26, 2018
“The reported move by Iran follows the lead of Venezuela, which launched its own oil-backed "petro" cryptocurrency – also as a way to fight U.S. sanctions. While the country's president Nicolas Maduro has claimed successes for the token, the Trump administration has also issued an executive order for additional sanctions against the petro.â€See more for yourself, here. Whilst this seems like a viable solution and an easy way round economic sanctions, we must consider how the United States and the rest of the world will react to this. Indeed, moves like this are very likely to encourage specific international regulations that mean cryptocurrencies also fall under economic sanctions established by world leaders. For this to happen though, they will need to recognise crypto as a viable currency first. When crypto and politics crosses over, there is always a chance that the entire landscape will change. Indeed, if Iran are working on such a project, we may well see the United States step up their game in recognising and regulating cryptocurrencies, otherwise, Iran might have found a clever way around this one. Featured Image Original Source: Wikipedia Commons
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