Countries Such as North Korea Use Cryptocurrency to Bypass Sanctions, Experts Warn • Liv…

Bypassing economic sanctions is a difficult task. Various countries are exploring different methods in this regard. It appears Venezuela, Iran, and North Korea show a keen interest in using cryptocurrencies. They are not using Bitcoin directly, but rather creating their own form of money.

More National Cryptocurrencies?

Venezuela has set a peculiar cryptocurrency-related precedent. Its Petro currency can be used for very few purposes as of right now. Even so, experts are convinced this form of money is a blatant attempt at bypassing sanctions imposed by the United States. This form of digital money requires no approval from banks or governments to be used accordingly. Other nations are looking to issue their own native currencies as well.

Iran is seemingly the next country to pursue this option. This is a response to a failed deal to lift sanctions imposed by the US earlier this year. It did not take long for Iranian government officials to begin discussing cryptocurrencies. Avoiding…