RT’s Growth Bust has sat in with the CEO of cryptocurrency aggregator Bitsian to debate how nations going through powerful US sanctions have been exploring cryptocurrencies in try to defend their economies from injury.
“These nations are taking a look at this as a solution to keep away from sanctions, but in addition these are nations, the place their very own sovereign currencies are going through large quantity of devaluation and lack of belief by their very own folks,” Raakhee Miller instructed Growth Bust.
The CEO mentioned that nations akin to Venezuela and Iran face a “flight-to-quality” so bitcoin turns into extra reliable for folks to maintain their belongings. Nonetheless, it’s nonetheless unclear if this can assist to totally skirt the financial restrictions.
“[If] this can be a means to keep away from sanctions and to make their banking system extra sanction-proof is but to be seen, as a result of on the finish of the day the currencies are backed by the identical sovereign currencies that are going through these points. So, it stays to be seen whether or not this will likely be efficient in any main cross border transactions,” Miller mentioned.
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