Venezuela faces lots of issues due to the sanctions imposed by the United States of America against the authoritarian regime of President Nicolas Maduro. Therefore, its citizens face the need for tools and ways that would allow them to circumvent the economic crisis in the country.
The economically struggling South American country and a strong supporter of crypto as a means of payment will see over 20,000 merchants recognize bitcoin and other cryptocurrencies as legal tender for shopping come June.
Iran, a country badly hit by US economic sanctions, now looks to crypto and blockchain technology investments as an alternative. Namely, it creates really favourable conditions to boost its cryptocurrency mining industry and attract companies from all over the world.
US authorities indicted blockchain and digital currency friendly president of Venezuela Nicolas Maduro and 14 other senior government administrators with narco-terrorism and participating in conducting illegal dealings specifically drug trafficking using cryptocurrencies payments to camouflage their tracks and circumvent sanctions.
Dynamics within the global energy markets could define the future of Bitcoin and other cryptocurrencies, not specifically in terms of Demand and Supply. There are ongoing wars within the oil industry largely orchestrated by the fightings between major oil producing countries.
The US Treasury Department's Office of Foreign Assets (OFAC) says it has sanctioned two Chinese nationals who laundered cryptocurrencies stolen by millions of North Korean hackers. Since the industry is still young, most cryptocurrency exchanges are under a major threat of losing their virtual currency holdings to wrong hands.
As of the recent political events between the long term sworn enemies of the United States and Iran, new measures have been reintroduced by the former. The United States under the Donald Trump administration imposed fresh economic sanctions on Iran. Following the sanctions aftermath prices of commodities like Bitcoin and Gold started to steadily enter a bull run.