China, Iran And Venezuela Are Developing Crypto To Dethrone US: Study

The latest cryptocurrency news show that the American geopolitical adversaries are banking on blockchain technology in order to help and skirt the sanctions while countering the U.S. financial power. A report shows that China, Iran and Venezuela are among the countries which are developing cryptocurrency in order to dethrone US.

Governments in Iran, China, Venezuela and Russia are all experimenting with the technology which underpins the crypto market, as the Foundation for Defense of Democracies (FDD) wrote in a comprehensive analysis released on Thursday.

The study on China, Iran and Venezuela’s plans notes:

“Blockchain technology may be the innovation that enables U.S. adversaries for the first time to operate entire economies outside the U.S.-led financial system,” the organization wrote. “These governments, therefore, are prioritizing blockchain technology as a key component of their efforts to counter U.S. financial power.”

Even though they are extremely volatile and not fully accepted as payments everywhere, cryptocurrencies are a booming market. Many best cryptocurrency news sites noted that Bitcoin (BTC) prices have soared up by over 200% so far this year, ramping up a lot of expectations of even more gains heading as the year ends.

In the altcoin news, the initiatives are welcomed. Even though most of the cryptocurrencies are still in their infancy and haven’t been adopted for widespread usage, the development of blockchain protocol has serious future implications – especially for China, Iran and Venezuela.

“Technology has created a potential pathway to alternative financial value transfer systems outside of U.S. control. The target timeline may be two to three decades, but these actors are developing the building blocks now,” the FDD said in the report.

“They envision a world in which cryptocurrency technology helps them eclipse U.S. financial power, much the way that the dollar once eclipsed the British pound,” FDD also added.

As the FDD concluded:

“A U.S. adversary has enough success with blockchain technology in its domestic banking system that it exports its platform to other nations to integrate into their financial sectors.”

Earlier this week, the South China Morning Post reported that Facebook’s plans for Libra are becoming a force multiplier for Beijing’s efforts to create its own digital unit.