Russia, Iran to Develop Cryptos for Reducing USD Dependence

Russia, Iran to Develop Cryptos for Reducing USD Dependence

Russia and Iran are planning to develop their own cryptocurrencies to reduce dependency on USD.

All over the world, virtual currencies have been able to help people gain more freedom and independence. When it comes to virtual currencies, people were able to truly own their funds.

However, countries like Russia, Iran, and Venezuela, have been developing cryptocurrencies just to avoid US sanctions and reduce USD dependence.

One of the first countries which proposed the creation of a national virtual currency was Russia. Its virtual currency, CryptoRuble, was supposed to be a virtual currency used for processing transactions, reducing costs, and speeding up international payment. The hidden agenda behind the virtual currency was to avoid any possible sanction by the US.

A similar ideology could be seen in Venezuela which proposed an oil-backed state-backed cryptocurrency called Petro. Petro has garnered quite a lot of attention all over the world being one of the first national virtual currency ICOs.

Iran is in discussions with the US about its nuclear plan. The country could very well be ready for developing its own cryptocurrency.

Nicolás Maduro, Venezuela’s president commented about Petro:

“Venezuela announced the creation of its own cryptocurrency. It will be called ‘Petro’ […] This will let us move towards new ways of international financing in order to allow the social and economic development of the country.”

Cryptocurrencies have helped individuals to become independent from the governments by a long shot. They have also helped multiple countries to avoid getting sanctions. Cryptocurrencies have even helped countries to get financed in the international market. Commercial activities with countries all over the world are also taken care of with the help of cryptocurrencies.

While many governments have started realizing the importance of cryptocurrencies, there are many which are yet to understand how vital virtual currencies are to ensure transparency.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.