America continues to impose sanctions by placing bans on transactions and dealings with nations, businesses, and persons. These prohibitions are often enforced through large financial institutions, and these could hurt a sanctioned country in more ways than one. For example, the first sanctions of the US against Iran, as imposed by former US President Carter in 1979, froze about $12 billion in Iranian assets, which included gold, bank deposits, and other properties. Today, similar situations still hold to many rival countries, that’s why many of them are now turning to cryptocurrencies to evade those sanctions.
Some of these countries are Iran, Russia, Venezuela, and North Korea, which are all investing in cryptocurrency technology to evade the powerful sanctions from the US and other countries, for that matter. Some experts say that they might even form alliances through this technology. Cryptocurrencies are a form of digital money that uses cryptography, which is a secret coding that processes transactions securely. And since these digital currencies are decentralized, they do not operate with any traditional financial institutions such as banks and governments. In fact, bitcoin and other cryptocurrencies were invented to bypass any existing regulations from any financial systems.
This means that these countries can evade certain sanctions that hurt their economy, such as the ban for using US dollars. Using cryptocurrencies would allow them to facilitate the transfer of money to and from anywhere in the world. The adoption of these digital currencies will help them push economic alliances between nations, which, therefore, will help boost their economy. All other countries should start looking at cryptocurrencies this way instead of thinking about it as a playground for criminals. Digital currencies that have their own exchange platform such as the Virie Market are extremely safe as it does not use any third-party exchange. In fact, it’s the only virtual marketplace that does not use the market. It is the market with the native coins simply called Virie (VRE), which is universally used within the market, and are exchangeable for anything and everything of value.
Using VRE instead of dollars in any transactions anywhere in the world provides continuity for all businesses and people without restrictions. This means that whatever country uses them will not only be able to protect its economy but will also be able to boost it. The virtual marketplace itself is a great platform to conduct businesses and trading as everything is available there for exchange. If someone from Venezuela wants to buy a computer from Russia, he can do so freely, and even without taxes or tariffs. If someone from North Korea wants to send money to someone in Iran, he can do so in just a few clicks and a few minutes. The freedom and flexibility of Virie Market are endless. While it’s yet to launch its IEO, it will very soon, so it’s best to download the software now and see how pleasurable it is to work with it. You don’t have to be in a sanctioned country to use it because its source code is open for all users.