Sanctions

To find a way to outplay sanctions and enhance adoption of digital currency, Russia’s authorities are considering a new draft law which will allow certain businesses and entities to perform payments with the help of cryptos such as Bitcoin and Ethereum.

Venezuela officially launched a complaint with the World Trade Organisation (WTO) on Tuesday, January 8, 2019, arguing that the current United States (U.S) sanctions on the nation violate a series of WTO rules and regulations.

Terrorist groups including Islamic State, Al-Qaeda and many others have fruitlessly tried to collect money via Cryptos such as Bitcoin and Ethereum, an ex CIA analyst told Congress on September 7, as per Forbes.

The question of digital market regulation still remains untouched in the Russian Federation. Even though deputies are already discussing the matter and taking it seriously, there is a high probability of the fintech being banned, as top officials think Russia is not ready for issuance and circulation of crypto.

lldemaro Villarroel, minister for Habitat and Housing, disclosed that the government of Venezuela is preparing to use its oil-backed crypto, the Petro, in order to finance the construction of villas.

On Monday, March 20, the White House released a new cryptocurrency trading ban, signed by the President of the United States, Donald Trump, on the Venezuelan state-issued digital currency, the Petro. The document includes a list of sanctions against Venezuela that are presently active.

Starting February 20 Venezuela launches its own cryptocurrency called Petro and ICO. President of the country Nicolas Maduro brought the launch of the Petro to public notice in December. Maduro announced that each unit of the Petro currency’s value will be backed by one barrel of the oil-rich nation’s petroleum.

R3 is not yet ready to accept Russian banks as members of the Blockchain consortium. The largest bank in Russia, Sberbank, wanted to join the R3 Blockchain consortium, however, R3 has made it clear that this application would be rejected due to sanctions.