New York Times: Russia and Venezuela’s Plan to Sidestep Sanctions: Virtual Currencies
SAN FRANCISCO — Russian and Venezuelan officials are hoping virtual currencies can help their countries make an end run around American sanctions.
Both governments, with ambitions to create state-sponsored cryptocurrencies, are looking to take advantage of the promise that Bitcoin introduced to the world financial system: a new kind of money and financial infrastructure, outside the control of any central authority, particularly the United States.
The Russian and Venezuelan plans may sound outlandish, even in the financial Wild West of Bitcoin and its online competitors. But they underscore how the rise of virtual currencies is pushing governments around the world to rethink the most basic elements of their own currencies and financial infrastructure.
What has seemed like a fringe concept is starting to gain some level of acceptance in global finance. Several of the largest central banks in the world, including the Bank of England and the People’s Bank of China, have said they are looking at using the technology introduced by Bitcoin to track and issue their own digital currencies.
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Update: Russia And Venezuela Hope To Use Digital Currency To Defang Sanctions (PYMNTS)
WNU Editor: The experts are not optimistic that this Russian - Venezuelan venture will fly .... Over 860,000 Have Signed Up to Mine the Venezuelan Petro (Bitcoinist).
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