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Venezuela is Patient Zero Challenging The Western Financial System with Bitcoin

Venezuela's building a crypto-financial critical infrastructure to evade US sanctions

Global sovereign currencies are regulated and mediated by central banks, with significant tracking and infrastructure capabilities to allow for secure currency transactions, to enforce government policy, and to monitor criminal behavior. These safeguards do not exist with cryptocurrencies, which enable peer-to-peer instantaneous and immutable blockchain transactions. The result: participants can sidestep American controlled transaction mechanisms. Non-state actors can fund illegal operations,…