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Russia and Venezuela's Plan to Sidestep Sanctions: Virtual Currencies
The New York Times: 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.
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